1092

LAWS OF MARYLAND

Ch. 129

and having been passed by a yea and nay vote supported by
three—fifths of all the members elected to each of the two
Houses of the General Assembly, the same shall take effect
from the date of its passage.

Approved April 11, 1978.

CHAPTER 130

(House Bill 525)

AN ACT concerning

Baltimore City — Industrial 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 Seven Million five Hundred
Thousand Dollars ($7,500,000), the proceeds derived
from the sale of the certificates of indebtedness to be
used to make or contract to make financial loans to any
person or other legal entity to be used for or in
connection with the purchase, acquisition,
construction, reconstruction, erection, development,
redevelopment, rehabilitation, renovation,
modernization or improvement 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
industrial 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,
reconstruction, erection, development, redevelopment,
rehabilitation, renovation, modernization or
improvement 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 industrial 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")