THEODORE R. MCKELDIN, GOVERNOR 413

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
Charter of the Mayor and City Council of Baltimore, and
by the municipal agency designated in the annual Ordi-
nances 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 223
(House Bill 380)

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

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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.