J. MILLARD TAWES, Governor                       121

certificates of indebtedness (hereafter called "bonds") as evidence
thereof, to an amount not exceeding Fifteen Million Dollars ($15,-
000,000), 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, un-
less 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 ordi-
nance or ordinances for the issuance of said bonds, or any part
thereof, to the legal voters of Baltimore City, may submit and re-
submit 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.

(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.