§ 7-1. Conveyance and annuity approved.

(a) Conveyance.

In pursuance of the power and authority vested in it by said Act of the General Assembly of Maryland {Chapter 181, Acts of 1882} and for the purpose of perpetually promoting and diffusing knowledge and education among the people of the City of Baltimore, the said proposed conveyance of the said library building and premises, situate upon Mulberry Street, as aforesaid, and the said proposed payment of $833,333.33, are agreed to be accepted by said Mayor and City Council of Baltimore.

(b) Annuity.

For the purpose of carrying into effect the said proposed object, the said Mayor and City Council of Baltimore, by this Part do hereby contract and agree with the said Enoch Pratt, and with the said "Enoch Pratt Free Library of Baltimore City", the body corporate aforesaid, in consideration of said conveyance of said library building and premises, and of the payment of said sum of money unto it, to grant and create an annuity of $50,000, to be paid perpetually hereafter, forever, in equal quarterly payments, for the purposes and maintenance of said library; said annuity to be paid unto the Board of Trustees of said body corporate and their successors, forever, to be applied by them to the purposes and maintenance of said library, as established and defined in the Act of Incorporation thereof.