4                                  LAWS OF MARYLAND                            [CH. 1

land; and the Mayor and City Council of Baltimore, in submitting
any ordinance or ordinances for the issuance of said certificates of
indebtedness, or any part thereof, to the legal voters of Baltimore
City, may submit and re-submit the same at any municipal election
as well as at any general election to be held in Baltimore City.

SEC. 2. And be it further enacted, That the proceeds of sale of
the certificates of indebtedness hereby authorized to be issued, not
exceeding the par value thereof, shall be used for the purpose of
enlarging, extending and improving the municipal conduit system
of the Mayor and City Council of Baltimore, including the acquisi-
tion, by purchase or condemnation, of existing conduit systems, and
of any and all land and property, and of any right, interest, fran-
chise, easement or privilege therein, as may be necessary 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 expressly 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 payable 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 provided 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 ordi-
nance or ordinances. 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 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 sink-
ing fund created for the purpose of paying the loan herein author-
ized. 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 Balti-
more.

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 ordi-
nance or ordinances submitting the whole or any part of this loan
to the legal voters of Baltimore City shall provide for the expendi-
ture 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 Ordinances of Estimates
of the Mayor and City Council of Baltimore.