MARVIN MANDEL, Governor

441

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 One Million Dollars
($1,000,000.00), 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 [[by]]
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 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.