SPIRO T. AGNEW, Governor                      1063

indebtedness (hereafter called "bonds") as evidence thereof, to an
amount not exceeding Eighty Million Dollars ($80,000,000.00), the
proceeds derived from the sale thereof to be used for the purposes
hereinafter mentioned, but said debt shall not be created and said
bonds shall not be issued, in whole or in part, unless an ordinance
or ordinances of the Mayor and City Council of Baltimore provid-
ing for the issuance thereof shall be first submitted to the legal
voters of Baltimore City at such time and place as may be fixed
by said ordinance or ordinances and be approved by a majority of
the votes cast at such time and place, all as required by Section 7
of Article XI of the Constitution of Maryland; and the Mayor and
City Council of Baltimore, in submitting any ordinance or ordinances
for the issuance of said bonds, or any part thereof, to the legal
voters of Baltimore City, may submit and re-submit the same at
any municipal election as well as at any general election to be held
in Baltimore City.

(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 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 dis-
charge the entire principal amount represented thereby within not
more than forty (40) years from the date of their issuance; pro-
vided, 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