MARVIN MANDEL, Governor                                2965

CHAPTER 888
(Senate Bill 300)
AN ACT concerning

City of Baltimore — Residential Financing Loans

FOR the purpose of adding a new Article to the
Constitution to authorize the Mayor and City Council
of Baltimore to make, guarantee or insure financial
loans for or in connection with the purchase,
acquisition, construction, erection, or development
of residential property in Baltimore City, including
any land necessary therefor, and submitting this
amendment to the qualified voters of the State for
adoption or rejection.

By proposing an amendment to the Constitution of Maryland
By adding

New Article XI—H - City of Baltimore — Residential
Financing Loans
Section 1 and 2

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, (Three-fifths of all the members elected to
each of the two Houses concurring), That the following be
and the sane is hereby proposed as an amendment to the
Constitution of Maryland, by adding new Article XI—H -
City of Baltimore — Residential Financing Loans, Sections
1 and 2, the same, if adopted by the legally qualified
voters of the State, as herein provided, to become a part
of the Constitution of Maryland:

ARTICLE XI-H
CITY OF BALTIMORE - RESIDENTIAL FINANCING LOANS

1. THE GENERAL ASSEMBLY OF MARYLAND, BY PUBLIC
LOCAL LAW, MAY AUTHORIZE THE MAYOR AND CITY COUNCIL OF

BALTIMORE:

(A)         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