402 LAWS OF MARYLAND [CH. 218

affixed thereto, duly attested by the Treasurer of the
municipality, and approved by the said Board of Estimates,
shall constitute a legal and binding obligation of the Mayor
and City Council of Baltimore

In case any construction or improvement be made on,
above, under, in or appurtenant to any land or other prop-
erty now or hereafter owned by the Mayor and City Council
of Baltimore, the actual value of said land or other property
shall be included and considered as a part of the expendi-
tures of money made by the Mayor and City Council of
Baltimore in connection with the particular project involved
and shall be given full consideration in any such contract
entered into by the Mayor and City Council of Baltimore.

Any lease or rental agreement hereinbefore mentioned
may be renewed or the term thereof extended for an ad-
ditional period of time upon such terms and conditions as
may be recommended, in writing, by the Port of Baltimore
Commission and approved by the Board of Estimates of the
Mayor and City Council of Baltimore.

SEC. 5. And be it further enacted, That the Mayor and
City Council of Baltimore is hereby authorized, in its discre-
tion, by ordinance or ordinances to: (1) provide that any
portion or all of said certificates of indebtedness may or may
not be registered; (2) provide that any portion or all of
said certificates of indebtedness carry registration or recon-
version privileges; (3) provide that any portion or all of
said certificates of indebtedness may or may not have in-
terest coupons attached; all as may be provided by or under
the authority of said ordinance or ordinances. Said certifi-
cates of indebtedness when issued, shall bear such date or
dates and shall bear interest at such rate or rates as may
be provided by or under the authority of an ordinance or
ordinances of the Mayor and City Council of Baltimore, not
exceeding, however, five per centum (5%) per annum. All
of said certificates of indebtedness, or any portion thereof,
may be issued subject to being declared or becoming due
prior to the maturity date thereof, and all of said certifi-
cates of indebtedness, or any portion thereof, may be
redeemed prior to their maturity date with or without the
payment of any premium in connection therewith, all as
may be determined by the Commissioners of Finance of the
Mayor and City Council of Baltimore at the time of the
issuance of said certificates of indebtedness. Said certifi-
cates of indebtedness shall mature within a period of thirty
(30) years from their respective dates. If said certificates
of indebtedness are issued in series maturing at stated