J. MILLARD TAWES, Governor                      309

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-
ceeds derived from the sale thereof to be used for the purposes here-
inafter mentioned, but said debt shall not be created and said bonds
shall not be issued, in whole or in part, unless an ordinance or ordi-
nances 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 ordi-
nance 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 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 sub-
mitting 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, how-
ever, 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,