458                              Laws of Maryland                      [Ch. 157

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 sub-
mitting 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 Ordinance 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 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 applied
first to defray the costs 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