1514                           LAWS OF MARYLAND                       CH. 740

CHAPTER 740
(House Bill 960)

AN ACT to authorize the Mayor and City Council of Baltimore
to create a debt, and to issue and sell its certificates of indebtedness,
as evidence thereof, to an amount not exceeding Three Million
Dollars ($3,000,000.00), the proceeds derived from the sale of the
certificates of indebtedness to be used by the Mayor and City
Council of Baltimore to purchase and hold real estate and per-
sonal property in the city of Baltimore to be used for or in con-
nection with the industrial and economic growth of said city, and to
dispose of the same by sale, lease or otherwise to any private,
public or quasi-public corporation, partnership, association, per-
son or other legal entity to be used for or in connection with
industrial and economic development or expansion in Baltimore
City; imposing certain conditions in connection with the expendi-
ture of the proceeds derived from the sale of said certificates of
indebtedness; and doing any and all things necessary, proper or
expedient in connection with or pertaining to any or all of the
matters or things hereinbefore mentioned; authorizing 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 indebtedness.

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 Three Million Dollars ($3,000,000.00), 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 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 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.