26

LAWS OF MARYLAND

Ch. 8

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 shall be used for
the acquisition, by purchase or condemnation or any other
legal means, of land or property in the City of Baltimore
and establishing thereon or therein, or on or in land or
property now or hereafter owned by the Mayor and City
Council of Baltimore, new parks, playgrounds, playfields,
playlots, recreational centers or recreational buildings;
and for the design, redesign, development, redevelopment and
improvement of park, school and other properties now or
hereafter owned by the Mayor and City Council of Baltimore
for park or recreational purposes; and for the acquisition,
construction, reconstruction, installation, erection,
protection, extension, enlargement, renovation or
modernization of, and additions to, public park or
recreational recreational buildings, structures or
facilities, including, but not limited to, the zoo located
in Druid Hill Park; and for the acquisition and installation
of equipment for any and all new facilities authorized to be
constructed, erected or established under the provisions
hereof, 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; provided,
however, that no part of such proceeds shall be used to pay
costs not directly related to and required for the
acquisition, construction or completion of a specific
physical improvement and the initial equipping thereof;

(c)  The use of the proceeds of the sale of the bonds
shall be limited to expenditures for capital improvement
projects having an estimated service life of not less than