2050                                                  LAWS OF MARYLAND                          [Ch. 606

time, 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 whenever 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 ordinances 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
the amount to mature upon such dates.

SECTION 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, including the expense of
engraving, printing, advertising, attorney's fees, and
all other incidental expenses connected therewith; and

(b)    The remainder of such proceeds 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