246                              Laws of Maryland                       [Ch. 213

able rental value of said land or property. In the event any such land
or property is sold by the municipality as aforesaid and such land
or property is then reconveyed back to the municipality as security
for any loan made by the municipality to the purchaser under the
provisions of this Act, then such purchaser shall pay annually to the
municipality in lieu of taxes a sum of money equal to an amount ar-
rived at by multiplying the assessed valuation of said land or prop-
erty for the year in which the municipality sells such land or property
by the then current tax rate of the municipality. All payments made
in lieu of taxes shall be made when real estate taxes of the munici-
pality ordinarily become due and payable.

Sec. 6. And be it further enacted, That this Act shall take effect
June 1, 1961.

Approved March 28, 1961.

CHAPTER 213

(Senate Bill 237)

AN ACT to authorize the Mayor and City Council of Baltimore to
create a debt, and to issue and sell its certificates of indebtedness
as evidence thereof, to an amount not exceeding twenty-five mil-
lion dollars ($25,000,000.00), the proceeds derived from the sale
of the certificates of indebtedness 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 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 reconstruction of, existing school
buildings or facilities, and for equipment for any and all new
facilities authorized to be constructed or erected by the provi-
sions hereof, and for architectural or engineering services or sur-
veys, and any other activities relating to planning for the pur-
poses above mentioned or relating to planning for future projects
of the same general character which may be constructed out of
future loans; conferring certain powers upon the Board of School
Commissioners of Baltimore City; imposing certain conditions in
connection with the expenditure of the proceeds derived from the
sale of said certificates of indebtedness; authorizing said munici-
pality 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

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.