J. MILLARD TAWES, Governor                      303

(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 their transfer, and the
principal and interest payable thereon (including any profit made
in the sale thereof), 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 reason, and thereafter reoffer such bonds at public sale as
aforesaid or at private sale, provided that if such bonds be offered
at private sale they shall be offered for sale and sold for not less than
par and accrued interest.

Sec. 2. And be it further enacted, That the Mayor and City
Council of Baltimore be and it is hereby authorized, in the ordinance
or ordinances to be submitted to the legal voters of Baltimore City,
from time to time, (i) to determine and set forth, any or all of the
following, or (ii) to empower a majority of the Commissioners of
Finance of said municipality to pass a resolution or resolutions, from
time to time, to determine and set forth, any or all of the following:

(a)  The amount of the total debt, authorized by this Act and the
ordinance submitted to the legal voters of Baltimore City, which
shall be issued at any particular time;

(b)  The form or forms of the bonds representing the debt, or any
part thereof, so authorized to be issued at any particular time,
including any interest coupons to be attached thereto; the provisions,
if any, for the issuance of coupon bonds; the provisions, if any, for
the issuance of fully registered bonds; the provisions, if any, for the
registration as to principal of any coupon bonds; and the provisions,
if any, for the conversion and reconversion into coupon bonds of any
fully registered bonds or coupon bonds registered as to principal;

(c)  The denomination or denominations of the bonds to be issued
at any particular time, which shall not be less than One Thousand
Dollars ($1,000.00) each but may be in sums of One Thousand
Dollars ($1,000.00) or any suitable multiple thereof, and the place
or places for the payment of principal and interest thereof;

(d)  The rate or rates of interest to be paid in connection with the
bonds to be issued at any particular time, not exceeding in any case
five per centum (5%) per annum, which interest shall be payable
semi-annually;

(e)   Subject to the limitations set forth in Section 1 of this Act,
the date of the bonds issued at any particular time and the maturity
dates of said bonds, including the right of redemption by the City
prior to maturity;