232                               Laws of Maryland                       [Ch. 209

inbefore mentioned; authorizing said municipality to submit an
ordinance or ordinances for said purpose to the legal voters of
Baltimore City, and providing generally for the issuance and sale
of said certificates of indebtedness.

Section 1. Be it enacted by the General Assembly of Maryland,
That:

(a)   The Mayor and City Council of Baltimore be and it is hereby
authorized to create a debt, and to issue and sell its certificates of
indebtedness (hereafter called "bonds") as evidence thereof, to an
amount not exceeding Four Million Dollars ($4,000,000.00), the pro-
AMOUNT NOT EXCEEDING FIVE MILLION DOLLARS ($5,000,-
000.00), THE PROceeds derived from the sale thereof to be used for
the purposes hereinafter mentioned, but said bonds shall not be
issued in whole or in part unless an ordinance or ordinances of the
Mayor and City Council of Baltimore providing for the issuance
thereof shall be first submitted to the legal voters of Baltimore City
at such time and place as may be fixed by said ordinance or ordi-
nances and be approved by a majority of the votes cast at such time
and place, all as required by Section 7 of Article XI of the Constitu-
tion of Maryland; and the Mayor and City Council of Baltimore, in
submitting any ordinance or ordinances for the issuance of said
bonds, or any part thereof, to the legal voters of Baltimore City, may
submit and resubmit the same at any municipal election as well as
at any general election to be held in Baltimore City.

(b)   The Mayor and City Council of Baltimore may submit, by one
ordinance, the whole of the debt authorized by this Act to the legal
voters of Baltimore City at one time, or it may, by one or more
separate ordinances, submit a part thereof to the legal voters of said
city at different times; and any ordinance or ordinances submitting
the whole or any part of such debt 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.

(c)   All of said bonds, or any part thereof, shall be issued in
accordance with a serial maturity plan so worked out as to discharge
the entire principal amount represented thereby within not more
than forty (40) years from the date of their issuance; provided,
however, that it shall not be necessary to provide for the maturity
of any part of the principal amount represented by any of said bonds
for the first five (5) years from the date of their issuance.

(d)   Until all of the interest on and principal of any bonds issued
pursuant to the provisions of this Act have been paid in full, the
Mayor and City Council of Baltimore shall levy and impose an annual
tax on each One Hundred Dollars ($100.00) of assessable property
in the City of Baltimore at a rate sufficient to produce revenue to
pay all interest on and principal of all bonds theretofore issued and
outstanding or authorized to be issued and outstanding, payable in
the next succeeding year.

(e)   All premiums resulting from the sale of any of the bonds
issued and sold pursuant to the provisions of this Act shall be applied
first to defray the cost of issuance thereof and the balance, if any,