Landover Hills                                   2221

Section 1. BE IT RESOLVED, ENACTED and ORDAINED by the
Mayor and Town Council of Landover Hills, Maryland, that Section 48-24
(a) and b) of the Code of Public Local Laws of Prince George's County,
Maryland (1963 Edition), titled "Landover Hills" and subtitled "Borrowing
Power," subsections (a) and (b), being sections of the Charter of the Town
of Landover Hills, Maryland, be and the same is hereby repealed and re-
enacted with .amendments to read as follows:

48-24. Same; borrowing power.

(a)   Amount. To effectuate the improvements named in the preceding
sections, the Mayor and Town Council of Landover Hills are hereby author-
ized and empowered to borrow from time to time on the faith and credit
of the town, a sum or sums of money sufficient to pay the costs thereof,
which shall not, however, exceed in amount at any one time the total sum
of eight per centum of the assessed valuation of all real and personal prop-
erty in the town appearing on the assessment books of Prince George's
County, Maryland; and to issue bonds or certificates of indebtedness there-
for, which shall be payable within ten years from the date of issuance in
twenty equal semi-annual installments with interest [not to exceed the
rate of six percentum per annum] payable semi-annually, unless of shorter
duration, then at the maturity of said obligation. The funds derived from
the sale of said bonds or certificates of indebtedness shall be deposited by
the Mayor and Town Council of Landover Hills in some safe banking insti-
tution in the State of Maryland, to be determined by them, and be subject
to withdrawal by the check of the Town Treasurer, only when counter-
signed by the Mayor. Out of said funds shall be paid only the proper ex-
penses for the negotiation, sale, and liquidation of said bonds or certifi-
cates of indebtedness, and for the planning and construction of the road-
beds, sidewalks, curbs, gutters, and street improvements as provided for
herein.

(b)   Amount for drainage improvements. The Mayor and Town
Council of Landover Hills is hereby further authorized and empowered to
borrow from time to time on the faith and credit of the town, and under
limitation of eight per centum of the assessed valuation of real and per-
son property set forth herein, a sum or sums of money not exceeding
twenty-five thousand dollars ($25,000.00) unpaid principal at any time
for the purpose of paying for storm water or surface drainage improve-
ments. For this purpose, the Mayor and Town Council may issue bonds or
certificates of indebtedness, which shall be payable on or before ten years
from the date of issuance, with interest [not to exceed the rate of six per
centum per annum] payable semi-annually, and with such annual princi-
pal payments as may be fixed by said Mayor and Town Council.

BE IT FURTHER RESOLVED, ENACTED AND ORDAINED that
any section or sections of the Charter of the Town of Landover Hills, Mary-
land which are inconsistent with the above enacted section, be and the
same are hereby repealed.

BE IT FURTHER RESOLVED, ENACTED AND ORDAINED that
the aforegoing proposed amendment shall be posted in the Town Hall for
a period of at least forty (40) days following its adoption, and shall fur-
ther be published in the Prince George's Post once in each of four succes-
sive weeks before the 29th day of March, 1971.

BE IT FURTHER RESOLVED, ENACTED AND ORDAINED that
the proposed amendment will become and be considered a part of the
Municipal Charter of the Town of Landover Hills on the 10th day of April,