2154

LAWS OF MARYLAND

[Ch. 346

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 (hereinafter
called "bonds") as evidence thereof, to an amount not
exceeding One Million Dollars ($1,000,000.00), the
proceeds derived from the sale thereof to be used for the
purpose or 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 XI 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 Ordinance 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.