44                                Laws of Maryland                          [Ch. 7

and approved by the said Board of Estimates, shall constitute a legal
and binding obligation of the Mayor and City Council of Baltimore.

Sec. 5. 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 certifi-
cates of indebtedness may or may not be registered and said certifi-
cates 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 ordinance or or-
dinances. 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 an-
nually 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 established for the payment of any loans of the Mayor
and City Council of Baltimore.

Sec. 6. 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
Baltimore City shall provide for the expenditure of the proceeds there-
of in accordance with the provisions of the Charter of the Mayor and
City Council of Baltimore.

Sec. 7. And be it further enacted. That any and all laws and any
and all parts of laws which are inconsistent with the provisions of
this Act be and the same are hereby declared not to be applicable to
the provisions of this Act.

Sec. 8. And be it further enacted, That in case it be judicially
determined that any word, phrase, clause, sentence, paragraph or
section in this Act, or the application thereof to any person or cir-
cumstance, be invalid, the remaining provisions and the application of
such provisions to other persons or circumstances shall not be affected
thereby.

Sec. 9. And be it further enacted, That this Act is hereby declared
to be an emergency measure and necessary for the immediate preser-
vation of the public health and safety, and having been passed by a
yea and nay vote, supported by three-fifths of all of the members
elected to each of the two Houses of the General Assembly of Mary-
land, the same shall take effect from the date of its passage.

Approved March 26, 1956.