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124
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Ch: 11
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LAWS OF MARYLAND
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bonds, or any part thereof, to the legal voters of Baltimore
City, may submit and resubmit the same at any municipal election
as well as at any general election to be held in Baltimore City.
(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
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