BLAIR LEE III, Acting Governor

991

connection with the bonds to be issued at any particular
time, which interest shall be payable semi—annually;

(e)    Subject to the limitations set forth in Section 1
of this Act, the date of the bonds issued at any particular
time and the maturity dates of said bonds, including the
right of redemption by the City prior to maturity;

(f)   The time, place, manner and medium of
advertisement of the readiness of the Commissioners of
Finance to receive bids for the purchase of the bonds
authorized to be issued hereunder, or any part thereof; the
form, terms and conditions of such bids; the time, place and
manner of awarding bonds so bid for, including the right
whenever any of the bonds authorized by this Act are offered
for sale and sold at the same time as other bonds of said
City, to establish the conditions for bids and awards and to
award all of said bonds on an all or none basis; and the
time, place, terms and manner of settlement for the bonds so
bid for.

The ordinance to be sumbitted submitted to the legal
voters of Baltimore City, or the resolution of the
Commissioners of Finance authorizing the issuance of said
bonds, or any portion thereof, as the case may be, shall set
forth in detail the dates when any of the bonds are to
mature and the amount to mature upon such dates.

SECTION 3. AND BE IT FURTHER ENACTED, That the actual
cash proceeds derived from the sale of tie bonds authorized
to be issued under the provisions of this Act, not exceeding
the par value thereof, shall be used exclusively for the
following purposes, to wit:

(a)    So much thereof as may be necessary, in addition
to the premium realized from the sale, if any, for the cost
of issuance, including the expense of engraving, printing,
advertising, attorneys' fees, and all other incidental
expenses connected therewith; and

(b)    The remainder of such proceeds 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, erection, development,
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
residential 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, erection, development,
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
residential purposes, and for doing any and all things