J. MILLARD TAWES, Governor                       117

Renewal Program and any and all other functions, duties and
operations which are legally vested in or imposed upon the Mayor
and City Council of Baltimore, and any and all phases of any of
the foregoing; and for doing any and all things necessary, proper
or expedient in connection with or pertaining to any or all of the
matters or things hereinbefore mentioned; 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 indebtedness (hereafter called "bonds") as evidence thereof, to an
amount not exceeding Twelve Million Dollars ($12,000,000.00), the
proceeds derived from the sale thereof to be used for the purposes
hereinafter mentioned, but said debt shall not be created and 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 Balti-
more, 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 out-
standing or authorized to be issued and outstanding, payable in the
next succeeding year.