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PARRIS N. GLENDENING, Governor
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Ch. 66
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(ii) such use is not prohibited by the ordinance of the Mayor and
City Council of Baltimore or resolution of the Board of Finance authorizing the
issuance of such bonds.
(f) (1) Before issuing any bonds under this section the Mayor and City
Council of Baltimore shall enact an ordinance which:
(i) specifies and describes the proposed undertaking and states
that it has complied with subsection (d) of this section; and
(ii) specifies the maximum principal amount of bonds to be issued,
from time to time or at any time, pursuant to such ordinance.
(2) The ordinance, IF SUCH BONDS CONSTITUTE DEBT OF THE MAYOR
AND CITY COUNCIL OF BALTIMORE UNDER SECTION 7 OF ARTICLE XI OF THE STATE
CONSTITUTION, shall be submitted to the legal voters of the City of Baltimore at the
time and place specified therein. Such ordinance shall become effective only if it is
approved by the majority of the votes cast at the time and place specified in such
ordinance. Except as otherwise provided herein, this section may not be construed as
requiring the submission to the legal voters of the City of Baltimore of any ordinance
creating a development district pursuant to subsection (d) of this section.
(3) Such ordinance may specify that the bonds authorized thereunder
may be issued from time to time or at any time.
(4) Such ordinance may authorize the Mayor and City Council of
Baltimore by ordinance or the Board of Finance by resolution to specify and prescribe
any of the following as it deems appropriate to effect the financing or refinancing of
the proposed undertaking:
(i) the actual principal amount of the bonds to be issued;
(ii) the actual rate or rates of interest the bonds are to bear or the
method for determining the same;
(iii) the manner in which and the terms upon which the bonds are to
be sold;
(iv) the manner in which and the times and places that the interest
on the bonds is to be paid;
(v) the time or times that the bonds may be executed, issued, and
delivered;
(vi) the form and tenor of the bonds and the denominations in which
the bonds may be issued;
(vii) the manner in which and the times and places that the
principal of the bonds is to be paid, within the limitations set forth in this subsection;
(viii) provisions pursuant to which any or all of the bonds may be
called for redemption prior to their stated maturity dates;
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- 599 -
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