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141
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HARRY HUGHES, Governor
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legal voters of Baltimore City; providing generally for the
issuance and sale of said certificates of indebtedness; and
making this Act an emergency measure.
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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 (hereinafter called "bonds") as
evidence thereof, to an amount not exceeding Two Million Five
Hundred Thousand Dollars ($2,500,000.00), 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 and be approved by a majority of
the votes cast at such time and place, all as required by Section
7 of Article XI of the Constitution of Maryland; and the Mayor
and City Council of Baltimore, in submitting any ordinance or
ordinances for the issuance of said 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
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