1084                           LAWS OF MARYLAND                       CH. 571

Indebtedness (hereafter called "bonds") as evidence thereof, to an
amount not exceeding Four Million Dollars ($4,000,000.00), the pro-
ceeds derived from the sale thereof to be used for the purpose or
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 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 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 an-
nual tax on each One Hundred Dollars ($100.00) of assessable prop-
erty 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-
plied 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.