48                                Laws of Maryland                        [Ch. 42

exceeding the par value thereof, shall 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
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 serv-
ices 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 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 commits-