46

LAWS OF MARYLAND

Ch. 15

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 costs 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 Board of Finance, as the case may be,
shall have the right to reject any and 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 Board 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;