MARVIN MANDEL, Governor                            2047

AN ACT concerning

Baltimore City — Residential Financing Bond Issue

FOR the purpose of authorizing 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 Ten Million
Dollars (10,000,000.00), the proceeds derived from
the sale of the certificates of indebtedness to be
used to make or contract to make financial loans to
any person or other legal entity to be used for or
in connection with the purchase, acquisition,
construction, erection or development of buildings
or structures, including any land necessary
therefor, within the boundaries of Baltimore City,
which buildings or structures are to be used or
occupied for residential purposes; to guarantee or
insure financial loans made by third parties to any
person or other legal entity which are to be used
for or in connection with the purchase, acquisition,
construction, erection or development of buildings
or structures, including any land necessary
therefor, within the boundaries of Baltimore City,
which buildings or structures are to be used or
occupied for residential purposes,, 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; providing
when the power and authority vested in the Mayor and
City Council of Baltimore by this Act shall become
operative; 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 Ten Million Dollars ($10,000,000.00), 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