MARVIN MANDEL, Governor                                    611

exceeding One Million Dollars ($1,000,000,000), 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 a
majority of the votes cast at such time and place, all as
required by Section 7 of Article X1 of the Constitution
of Maryland; and the Mayor and City Council of Baltimore,
in submitting 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 submitting 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 Ordinances 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