614                             LAWS OF MARYLAND                      [CH. 268

(d)  The rate or rates of interest to be paid in connection with
the bonds to be issued at any particular time, not exceeding m any
case five per centum (5%) per annum, which interest shall be pay-
able semi-annually;

(e)   Subject to the limitations set forth in Section 1 of this Act,
the date of the bonds issued at any particular time and the ma-
turity dates of said bonds, including the right of redemption by the
City prior to maturity;

(f)  The time, place, manner and medium of advertisement of the
readiness of the Commissioners of Finance to receive bids for the
purchase of the bonds authorized to be issued hereunder, or any part
thereof; the form, terms and conditions of such bids; the time,
place and manner of awarding bonds so bid for, including the right
whenever any of the bonds authorized by this Act are offered for
sale and sold at the same time as other bonds of said corporation, to
establish the conditions for bids and awards and to award all of said
bonds on an all or none basis; and the time, place, terms and manner
of settlement for the bonds so bid for.

The ordinance to be submitted to the legal voters of Baltimore
City, or the resolution of the Commissioners of Finance authorizing
the issuance of said bonds, or any portion thereof, as the case may
be, shall set forth in detail the dates when any of the bonds are to
mature and the amount to mature upon such dates.

Sec. 3. And be it further enacted, That the actual cash proceeds
derived from the sale of the bonds authorized to be issued under
the provisions of this Act, not exceeding the par value thereof,
shall be used exclusively for the following purposes, to wit:

(a)   So much thereof as may be necessary, in addition to the
premiums realized from the sale, if any, for the cost of issuance, in-
cluding the expense of engraving, printing, advertising, attorney's
fees, and all other incidental expenses connected therewith; and

(b)  The remainder of such proceeds shall be used for the acquisi-
tion, by purchase, condemnation or any other legal means, of land
or property, or any rights therein, in the City of Baltimore, and
constructing and erecting on said land or property, or on any land or
property now or hereafter owned by the Mayor and City Council of
Baltimore, new school buildings, athletic and other auxiliary facili-
ties, and for additions and improvements to, or the modernization
or reconstruction of, existing school buildings or facilities, and for
equipment for any and all new facilities authorized to be constructed
or erected by the provisions hereof, and for architectural or engi-
neering services or surveys, and any other activities relating to
planning for the purposes above mentioned or relating to planning
for future projects of the same general character which may be con-
structed out of future loans.

Sec. 4. And be it further enacted, That in the expenditure of
the proceeds of sale of said bonds, the Mayor and City Council of
Baltimore shall observe the following conditions:

(a) Subject to the provisions of the Charter of Baltimore City
relating to the Planning Commission, the Board of School Commis-
sioners of Baltimore City shall have the authority to select sites for
the construction of the new school buildings hereby authorized;