SPIRO T. AGNEW, Governor                     1037

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,
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
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,
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)  AIL 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 ordinance
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 Commissioners
of Finance of said municipality to pass a resolution or resolutions,
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;