304                               Laws of Maryland                       [Ch. 239

tificates 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 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
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 designated 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
relating to the Planning Commission, the Board of School Commis-
sioners of Baltimore City shall have the authority to select sites for
the construction of the new school buildings hereby authorized;

(b)   All plans and specifications for the construction or recon-
struction of school buildings, or for additions or improvements to
school buildings, to be financed out of the proceeds of the loan herein
authorized, shall be subject to the approval of said Board of School
Commissioners prior to final acceptance of such plans and specifica-
tions, and the endorsement of approval by said Board of such plans
and specifications shall be made thereon, and shall also be recorded
by said Board in its official minutes;

All changes in approved plans and specifications which may be
found necessary and expedient during the course of construction
shall also be subject to the approval of the Board of School Com-
missioners of Baltimore City, and shall also be recorded by said
Board in its official minutes;

(c)   No part of the proceeds derived from the sale of the cer-
tificates of indebtedness hereby authorized to be issued shall be
expended without the approval of the Board of School Commissioners
of Baltimore City.