34

LAWS OF MARYLAND

Ch. 15

issued hereunder, or any part thereof; the form, terms and
conditions of such bids; the time, place and manner of
awarding bonds so bid for, including the right whenever any
of the bonds authorized by this Act are offered for sale and
sold at the same time as other bonds of said City, to
establish the conditions for bids and awards and to award
all of said bonds on an all or none basis; and the time,
place, terms and manner of settlement for the bonds so bid
for.

The ordinance to be submitted to the legal voters of
Baltimore City, or the resolution of the Board of Finance
authorizing the issuance of said bonds, or any portion
thereof, as the case may be, shall set forth in detail the
dates when any of the bonds are to mature and the amount to
mature upon such dates.

SECTION 3. AND BE IT FURTHER ENACTED, That the actual
cash proceeds derived from the sale of the bonds authorized
to be issued under the provisions of this Act, not exceeding
the par value thereof, shall be used exclusively for the
following purposes, to wit:

(a)   So much thereof as may be necessary, in addition
to the premium realized from the sale, if any, for the cost
of issuance, including the expense of engraving, printing,
advertising, attorneys' fees, and all other incidental
expenses connected therewith; and

(b)   The remainder of such proceeds 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.

SECTION 4. AND BE IT FURTHER ENACTED, That this Act is
hereby declared to be an emergency measure and necessary for
the immediate preservation of the public health and safety
and having been passed by a yea and nay vote supported by
three-fifths of all the members elected to each of the two
Houses of the General Assembly, the same shall take effect
from the date of its passage.