410 LAWS OF MARYLAND [CH. 221

purchase or condemnation, of existing conduit systems, and
of any and all land and property, and of any right, interest,
franchise, easement or privilege therein, as may be neces-
sary for the enlargement, extension and improvement of
said municipal conduit system, the acquisition of all such
existing conduit systems, land, property, rights, interests,
franchises, easements and privileges, including such as are
devoted to public or quasi public use, being hereby ex-
pressly authorized.

SEC. 3. And be it further enacted, That the Mayor and
City Council of Baltimore may, by ordinance or ordinances,
authorize the issuance of said certificates of indebtedness
in series maturing at stated periods, and may make pay-
able annually a portion of the principal of said certificates
of indebtedness, and any portion or all of said certificates
of indebtedness may or may not be registered and said
certificates of indebtedness, or any portion thereof, may or
may not have interest coupons attached, all as may be pro-
vided by or under the authority of said ordinance or ordi-
nances, and said certificates of indebtedness, when issued,
shall bear interest at such rate or rates as may be pro-
vided by or under the authority of said ordinance or ordi-
nances. If said certificates of indebtedness are issued in
series maturing at stated periods, and a portion of the
principal is made payable 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 cer-
tificates of indebtedness are not issued in series, any pre-
miums 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 established 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 sub-
mitting the whole or any part of this loan to the legal voters
of Baltimore City shall provide for the expenditure of the
proceeds thereof in accordance with the provisions of the