672                              Laws of Maryland                        Ch. 286

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 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.

(g)  All bonds issued and sold pursuant to the provisions of this
Act shall be sold at public sale to the highest responsible bidder
or bidders therefor after due notice of such sale, but the Mayor and
City Council of Baltimore, or the Commissioners of Finance, as
the case may be, shall have the right to reject any or all bids
therefor for any reason, and thereafter reoffer such bonds at public
sale as aforesaid or at private sale, provided that if such bonds be
offered at private sale they shall be offered for sale and sold for
not less than par and accrued interest.

Sec. 2. And be it further enacted, That the Mayor and City
Council of Baltimore be and it IS hereby authorized, in the ordinance