54                                         LAWS OF MARYLAND                                 Ch. 17

Dollars ($2,500,000.00), 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; providing
generally for the issuance and sale of said
certificates of indebtedness; and making this Act an
emergency measure.

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")
as evidence thereof, to an amount not exceeding Two Million
Five Hundred Thousand Dollars ($2,500,000.00), 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 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.