HARRY HUGHES, Governor

55

(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 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.