1060                              LAWS OF MARYLAND                          CH. 559

(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 ac-
cordance 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 accord-
ance 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 years (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)   AH 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 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