242                               Laws of Maryland                       [Ch. 212

indebtedness (hereafter called "bonds") as evidence thereof, to an
amount not exceeding Five Million Dollars ($5,000,000.00), the pro-
ceeds derived from the sale thereof to be used for the purposes herein-
after 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 ordinances 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 Constitution 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 munici-
pal 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.

(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,
shall be applied to the payment of interest on any of said bonds
becoming due and payable during the fiscal year in which said bonds
are issued and sold or during the next succeeding fiscal year.

(f)   The debt authorized by the provisions of this Act, and the
bonds issued and sold pursuant thereto and the principal and interest
payable thereon, shall be and remain exempt from any and all State,
county and municipal taxation in the State of Maryland.

(g)   All bonds issued and sold pursuant to the provisions of this
Act shall be sold at public sale to the highest responsible bidder or
bidders therefor after due notice of such sale, but the Mayor and City
Council of Baltimore, or the Commissioners of Finance, as the case
may be, shall have the right to reject any or all bids therefor for any