For the purpose of preserving the sanitary condition of the City, the Mayor and City Council of Baltimore is hereby authorized to borrow money temporarily up to such an amount as may be necessary not exceeding the amount of the obligations or indebtedness of property owners to it, under the provisions of Ordinance No. 58, approved December 28, 1911, for the purpose of providing the City Engineer with the necessary funds to make the sewer connections and do the other work which he is authorized and directed to do by said ordinance, the Mayor and City Council of Baltimore is hereby authorized for the purpose of borrowing such money to give its note to be signed on behalf of the City by the Mayor, the Comptroller and the City Engineer, and to pledge as collateral the obligations or indebtedness of property owners to the City under said Ordinance No. 58 to an amount equal to the amount of the loan, and to renew such note in whole or in part from time to time, not exceeding the time of maturity of the collateral. The method of pledging such indebtedness from the owners of property under said Ordinance 58 as collateral for such loan shall be as follows: The Director of Finance shall give a certificate over his hand that there is due to the Mayor and City Council of Baltimore a certain sum under said Ordinance No. 58 from the following property owners, giving the number of the property and the name of the owner, and the amount due on each, and that said indebtedness is not pledged for any other loan. Said certificate attached to and delivered with the note of the City, as above provided, shall constitute a pledge of the indebtedness of said parties to the City as collateral security for the said note, or any renewal thereof as above provided. The Director of Finance shall collect said indebtedness, as provided in said ordinance, just as if the same were not pledged, but shall pay over to the holder of any note given under Sections 638 and 639 <em>{<cite data-path="20|§20-12">this section</cite> and <cite data-path="20|§20-13">§20-13 of this subtitle</cite>}</em>, all collections of any of the indebtedness pledged as collateral therefor, and such holder shall credit all such payments on such note. P.L.L., 1915, §824K 1927, §824K 1930, §824K 1938, §1030 1949, §638 1969, §20-12 1912, ch. 24