J. MILLARD TAWES, Governor                       389

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 outstand-
ing 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.

(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.

(H) BEFORE ANY BONDS ARE ISSUED AND SOLD UNDER
THE PROVISIONS OF THIS ACT, THE OWNERSHIP AND CON-
TROL OF THE PROPERTY WITHIN BALTIMORE CITY NOW
USED AS THE REEDBIRD INCINERATOR AND ALL ADJA-
CENT PROPERTY USED IN CONNECTION WITH THE INCIN-
ERATOR, ALL OF WHICH IS OWNED BY THE BUREAU OF
SANITATION OR OTHERWISE, SHALL BE TRANSFERRED TO
THE DEPARTMENT OF RECREATION AND PARKS, PRO-
VIDED THAT THE DEPARTMENT OF RECREATION AND
PARKS SHALL PERMIT THE BUREAU OF SANITATION TO
CONTINUE ITS USE AND OPERATION OF THE REEDBIRD
INCINERATOR, BUT SUCH USE SHALL CONTINUE ONLY
UNTIL THE INCINERATOR AUTHORIZED HEREIN BECOMES
OPERATIVE, AT WHICH TIME THE USE OF THE REEDBIRD
INCINERATOR BY THE BUREAU OF SANITATION SHALL
CEASE AND THIS PROPERTY SHALL AFTERWARDS BE
USED SOLELY FOR PARK PURPOSES.