460

LAWS OF MARYLAND

Ch. 215

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.

(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.