2426

LAWS OF MARYLAND

[Ch. 463

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 Thirty Million
Dollars ($30,000,000.00), the proceeds derived from
the sale of the certificates of indebtedness to be
used to sake or contract to lake 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;
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 Thirty Million Dollars
($30,000,000.00), 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 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