HARRY HUGHES, Governor

1453

CHAPTER 454

(House Bill 1266)

AN ACT concerning

City of Baltimore - General Powers

FOR the purpose of adding a new section to Article II of the
Charter of Baltimore City to authorize the Mayor and
City Council of Baltimore to make or contract to make,
or guarantee or insure, certain financial loans for or
in connection with the industrial, commercial, and
residential buildings located in Baltimore City, and to

establish an industrial and commercial loan and

guarantee program for the public purpose of developing
and perpetuating readily available sources of money at
low and moderate cost for such financial loans within
the City, and in connection therewith, to issue certain
revenue bonds, notes, or other obligations pursuant to
Section (59) of the Charter of Baltimore City, which
bonds, notes, or other obligations may not constitute

an indebtedness within the meaning of any

constitutional, charter, or statutory limitation and
which may not constitute general obligations of the
Mayor and City Council of Baltimore; buildings or
structures used for industrial purposes; defining
'industrial purposes'; and making this Act an emergency
measure.

BY adding to

Charter of Baltimore City
Article II - General Powers
Subsection (52) (53)
(1964 Revision, as amended)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Charter of Baltimore City
(1964 Revision, as amended) be repealed, amended, or enacted
to read as follows:

Article II - General Powers

(52) (53). LOANS TO FACILITATE INDUSTRIAL , COMMERCIAL, AND
RESIDENTIAL FINANCING

(A) FROM OR IN CONNECTION WITH FUNDS AVAILABLE TO THE
MAYOR AND CITY COUNCIL OF BALTIMORE PURSUANT TO ARTICLE XI-I
OF THE CONSTITUTION OF THE STATE OF MARYLAND, TO MAKE,
PURCHASE, CONTRACT TO MAKE, OR OTHERWISE ACQUIRE FINANCIAL
LOANS TO ANY PERSON OR OTHER LEGAL ENTITY AND TO GUARANTEE
OR INSURE FINANCIAL LOANS MADE BY THIRD PARTIES TO ANY