302                              Laws of Maryland                       [Ch. 239

cates of indebtedness when issued, shall bear interest at such rate
or rates as may be provided by or under the authority of said or-
dinance 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 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 or-
dinances 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
designated in the annual Ordinances 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, 1957.

Approved March 18, 1957.

CHAPTER 239
(House Bill 39)

AN ACT to authorize the Mayor and City Council of Baltimore to
issue the certificates of indebtedness of said corporation to an
amount not exceeding Five Million Dollars ($5,000,000), the
proceeds of the same to be used for the acquisition, by purchase,
condemnation or any other legal means, of land or property, or any
rights therein, in the City of Baltimore, and constructing and erect-
ing 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 recon-
struction of, existing school buildings or facilities, and for equip-
ment for any and all new facilities authorized to be constructed or
erected by the provisions hereof, and for architectural or engineer-

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.