MARVIN MANDEL, Governor

311

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) 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 payable
thereon (including any profit made in the sale thereof),
shall be and remain exempt from any and all State, county
and municipal taxation in the State of Maryland.

(g)    All bonds issued and sold pursuant to the
provisions of this Act shall be sold at public sale to
the highest responsible bidder or bidders therefor after
due notice of such sale, but the Mayor and City Council
of Baltimore, or the Commissioners of Finance, as the
case may be, shall have the right to reject any or all
bids therefor for any reason, and thereafter reoffer such
bonds at public sale as aforesaid, or at private sale,
provided that if such bonds be offered at private sale
they shall be offered for sale and sold for not less than
par and accrued interest.

SECTION 2. AND BE IT FURTHER ENACTED, That the
Mayor and City Council of Baltimore be and it is hereby
authorized, in the ordinance or ordinances to be
submitted to the legal voters of Baltimore City, from
time to time, (i) to determine and set forth, any or all
of the following, or (ii) to empower a majority of the
Commissioners of Finance of said municipality to pass a
resolution or resolutions, from time to time, to
determine and set forth, any or all of the following;

(a) The amount of the total debt, authorized by
this Act and the ordinance submitted to the legal voters
of Baltimore City, which shall be issued at any
particular time;