46                                Laws of Maryland                          [Ch. 8

exceeding the par value thereof, shall be used for the acquisition, by
purchase, condemnation or any other legal means, of land or prop-
erty, or any rights therein, in the City of Baltimore, and constructing
and erecting on said land or property, or on any land or property
now or hereafter owned by the Mayor and City Council of Baltimore,
new school buildings, athletic and other auxiliary facilities, and for
additions and improvements to, or the modernization or reconstruc-
tion of, existing school buildings or facilities, and for equipment for
any and all new facilities authorized to be constructed or erected
by the provisions hereof, and for architectural or engineering services
or surveys, and any other activities relating to planning for the
purposes above mentioned or relating to planning for future projects
of the same general character which may be constructed out of future
loans.

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 ordinance or
ordinances. If said certificates pf 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 sinking fund created
for the purpose of paying the loan herein authorized. If said certifi-
cates 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
submitting 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 desig-
nated in the annual Ordinances of Estimates of the Mayor and City
Council of Baltimore.

Sec. 5. And be it further enacted, That in the expenditure of the
proceeds of sale of said certificates of indebtedness, the Mayor and
City Council of Baltimore shall observe the following conditions:

(a) Subject to the provisions of the Charter of Baltimore City