1516                            LAWS OF MARYLAND                       CH. 740

sions, if any, for the conversion and reconversion into coupon bonds
of any fully registered bonds or coupon bonds registered as to prin-
cipal;

(c)    The denomination or denominations of the bonds to be issued
at any particular time, which shall not be less than One Thousand
Dollars ($1,000.00) each but may be in sums of One Thousand Dol-
lars ($1,000.00) or any suitable multiple thereof, and the place or
places for the payment of principal and interest thereof;

(d)    The rate or rates of interest to be paid in connection with
the bonds to be issued at any particular time, not exceeding in any
case five per centum (5%) per annum, which interest shall be payable
semi-annually;

(e)     Subject to the limitations set forth in Section 1 of this Act,
the date of the bonds issued at any particular time and the maturity
dates of said bonds, including the right of redemption by the City
prior to maturity;

(f)    The time, place, manner and medium of advertisement of the
readiness of the Commissioners of Finance to receive bids for the
purchase of the bonds authorized to be issued hereunder, or any part
thereof; the form, terms and conditions of such bids; the time, place
and manner of awarding bonds so bid for, including the right when-
ever any of the bonds authorized by this Act are offered for sale and
sold at the same time as other bonds of said corporation, to establish
the conditions for bids and awards and to award all of said bonds
on an all or none basis; and the time, place, terms and manner of
settlement for the bonds so bid for.

The ordinance to be submitted to the legal voters of Baltimore
City, or the resolution of the Commissioners of Finance authorizing
the issuance of said bonds, or any portion thereof, as the case may
be, shall set forth in detail the dates when any of the bonds are to
mature and and the amount to mature upon such dates.

Sec. 3. And be it further enacted, That the actual cash proceeds
derived from the sale of the bonds authorized to be issued under the
provisions of this Act, not exceeding the par value thereof, shall be
used exclusively for the following purposes, to wit:

(a)    So much thereof as may be necessary, in addition to the
premiums realized from the sale, if any, for the cost of issuance,
including the expense of engraving, printing, advertising, attorney's
fees, and all other incidental expenses connected therewith; and

(b)    The remainder of such proceeds shall be used by the Mayor
and City Council of Baltimore to purchase and hold real estate and
personal 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, person or other
legal entity to be used for or in connection with industrial and
economic development or expansion in Baltimore City; provided,
however, that no such proceeds shall be expended unless and until
the Board of Estimates of said municipality: (1) in its sole and
absolute discretion has first determined that the project for which
funds have been requested is of the nature or kind contemplated by