1028

LAWS OF MARYLAND                      [CH. 442

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 ac-
cordance 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
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 ap-
plied 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 ordi-
nance 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 Commis-
sioners of Finance of said municipality to pass a resolution or reso-
lutions, 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,