SPIRO T. AGNEW, Governor                        1067

any or all of the matters or things hereinbefore mentioned; author-
izing said municipality to submit an ordinance or ordinances for
said purpose to the legal voters of Baltimore City, and providing
generally for the issuance and sale of said Certificates of Indebted-
ness.

Section 1. Be it enacted by the General Assembly of Maryland,
That:

(a)   The Mayor and City Council of Baltimore be and it is hereby
authorized to create a debt, and to issue and sell its Certificates of
Indebtedness (hereafter called "bonds") as evidence thereof, to an
amount not exceeding Six Million Five Hundred Thousand Dollars
($6,500,000.00), 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 providing for the issuance thereof shall be first sub-
mitted 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 resubmit 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 sub-
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 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 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-