HARRY HUGHES, Governor

31

CHAPTER 15

(House Bill 265)

AN ACT concerning

Baltimore City - Housing Development Bond Issue

FOR the purpose of authorizing the Mayor and City Council of
Baltimore to create a debt, and to issue and sell its
certificates of indebtedness as evidence thereof, to an
amount not exceeding Twelve Million Dollars
($12,000,000.00), 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, erection or
development 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 or development 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
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, and 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 Twelve
Million Dollars ($12,000,000.00), 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