460                               Laws of Maryland                      [Ch. 158

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
premium realized from the sale, if any, for the cost of issuance, in-
cluding 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 to make or
contract to make financial loans to the owners of buildings or struc-
tures located within the boundaries of Baltimore City, which are
used or occupied for residential purposes, for or in connection with
rehabilitating or improving said buildings or structures; to guar-
antee or insure financial loans made by third parties to the owners
of buildings or structures located within the boundary lines of
Baltimore City, which are used or occupied for residential purposes,
for or in connection with rehabilitating or improving said buildings
or structures, and for 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.

Sec. 4. And be it further enacted, That the power and authority
vested in the Mayor and City Council of Baltimore under the terms
and provisions of this Act shall become operative upon the adop-
tion of the amendment to the Constitution of Maryland proposed

by Chapter ............ (House Bill 758) of the laws of Maryland of

1972, by the qualified voters of the State of Maryland at the General
Election to be held in November, 1972.

Sec. 5. And be it further enacted, That this Act is hereby de-
clared to be an emergency measure and necessary for the immediate
preservation of the public health and safety, and having been passed
by a yea and nay vote supported by three-fifths of the members
elected to each of the two Houses of the General Assembly of
Maryland, the same shall take effect from the date of its passage.

Approved April 26, 1972.

CHAPTER 158
(House Bill 761)

AN ACT to add new Section 195 (11A) to Article 77 of the Annotated
Code of Maryland (1969 Replacement Volume), title "Public
Education," subtitle "Chapter 17. Teachers' Retirement System,"
to follow immediately after Section 195(11) thereof, providing that
certain beneficiaries of the Teachers' Retirement System may
elect to have certain premiums for health care insurance coverage
deducted from their benefits and paid TO THE MAYOR AND
CITY COUNCIL OF BALTIMORE FOR PAYMENT on their
behalf to the carrier of said insurance.