124 LAWS OF MARYLAND. [CH. 88

CHAPTER 88.
(Senate Bill 120)

AN ACT to repeal Chapter 464 of the Acts of the General
Assembly of Maryland passed at its January Session
in the year 1937 and to authorize and empower The
Commissioners of Ridgely to borrow from time to time
on its full faith and credit a sum or sums of money
not exceeding Fifty Thousand Dollars ($50,000.00) in
the aggregate at any one time, and to evidence said
borrowing by issuance to the lender or lenders of its
general obligation, serial maturity coupon bonds in like
par amount, payable as to principal and interest from
the proceeds of ad valorem taxes, levied without limita-
tion as to rate or amount on all assessable property
in said municipality, notwithstanding any other statu-
tory tax limitation, and to use the money so borrowed
to retire the outstanding indebtedness of said munici-
pality and for other public purposes.

SECTION 1. Be it enacted by the General Assembly of Maryland,
That the authority conferred on The Commissioners of
Ridgely by Chapter 464 of the Acts of the General As-
sembly of Maryland passed at its January Session in the
year 1937, having not been exercised by said municipality,
and the authority hereby granted being in lieu thereof,
said Act of Assembly be and the same is hereby repealed
in its entirety.

SEC. 2. And be it further enacted, That to enable The
Commissioners of Ridgely (hereinafter referred to as the
Town) to redeem or retire and refinance all or any part
of the outstanding unpaid floating or funded indebtedness
of the Town, whether due or to become due, and to enable
the Town to finance, in whole or in part, any public
improvements which it is now or may hereafter be author-
ized by its charter to make, including, without limitation,
extensions, replacements or additions, of or to the sewer
system and water works of the Town and resurfacing,
widening, opening, replacement or improvement of streets,
roads and sidewalks, the Town is hereby authorized and
empowered, at one time or from time to time, to borrow
a sum or sums of money not exceeding Fifty Thousand
Dollars ($50,000.00) in the aggregate and to evidence said
borrowing by the issuance to the lender or lenders of its
general obligation serial maturity coupon bonds.

SEC. 3. And be it further enacted, That said bonds,
and the coupons attached thereto, shall be in such form