MARVIN MANDEL, Governor                               2427

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.

(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 the bonds issued and sold pursuant to the
provisions of this Act shall be applied first to defray
the cost of issuance thereof and the balance, if any,
shall be applied to the payment of interest on any of
said bonds becoming due and payable during the fiscal
year in which said bonds are issued and sold or during
the next succeeding fiscal year,

(f)    The debt authorized by the provisions of
this Act, and the bonds issued and sold pursuant thereto
and their transfer, and the principal and interest