408 LAWS OF MARYLAND [CH. 221

by or under the authority of said ordinance or ordinances,
and said certificates of indebtedness when issued, shall bear
interest at such rate or rates as may be provided by or under
the authority of said ordinance or ordinances. If said
certificates of indebtedness are issued in series maturing at
stated periods, and a portion of the principal is made pay-
able annually, the Mayor and City Council of Baltimore shall
annually raise by taxation the amount of money required to
meet the interest and the portion of the principal payable
in each year. If said certificates of indebtedness are not
issued in series, any premiums realized above the par value
of the whole amount of said certificates of indebtedness
shall constitute a part of the sinking fund created for the
purpose of paying the loan herein authorized. If said
certificates of indebtedness are issued in series, the net
premiums resulting from the sale of the entire loan shall be
placed to the credit of any existing sinking funds estab-
lished for the payment of any loans of the Mayor and City
Council of Baltimore.

SEC. 4. And be it further enacted, That the Mayor and
City Council of Baltimore may, by one ordinance, submit the
whole of this loan to the legal voters of Baltimore City at
one time, or it may, by one or more separate ordinances,
submit a part of said loan to the legal voters of said City at
different times; and any ordinance or ordinances submitting
the whole or any part of this loan to the legal voters of Bal-
timore City shall provide for the expenditure of the pro-
ceeds thereof in accordance with the provisions of the
Charter of the Mayor and City Council of Baltimore, and by
the municipal agency designated in the annual Ordinances
of Estimates of the Mayor and City Council of Baltimore.

SEC. 5. And be it further enacted, That this Act shall
take effect June 1, 1953.

Approved March 31, 1953.

CHAPTER 221

(House Bill 378)

AN ACT to authorize the Mayor and City Council of Balti-
more to issue the certificates of indebtedness of said cor-

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EXPLANATION: Italics indicate new matter added to existing law.

[Brackets] indicate matter stricken from existing law.
CAPITALS indicate amendments to bill.
Strike out indicates matter stricken out of bill.