1924 LAWS OF MARYLAND. [CH. 791

George's County (1943 Edition—being Article 17 of the Code
of Public Local Laws of Maryland) be and the same is hereby
repealed and re-enacted, with amendments, to read as
follows:

203. (a) To effectuate the construction or reconstruction
of roadways, alleys, curbs, sidewalks, gutters and storm
sewers, within the Town of Cheverly, the Mayor and Town
Council of Cheverly, Maryland, are hereby authorized and
empowered to borrow from time to time, on the
credit of the town, a sum or sums of money 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
property in the town appearing on the assessment books of
Prince George's County, State of Maryland, and to issue
bonds or certificates of indebtedness therefor, which shall
be payable on or before ten years from the date of issuance,
with interest thereon not to exceed the rate of six per centum
per annum, payable semi-annually, unless of shorter dura-
tion, than at the maturity of said obligation. The funds
derived from the sale of said bonds or certificates of indebt-
edness shall be deposited by the Mayor and Town Council
of Cheverly, Maryland, in some safe banking institution
in the State of Maryland, to be determined by them, and
to be subject to the check of the town clerk and treasurer
only when countersigned by the Mayor and two members
of the Town Council. Out of said funds shall be paid only
the proper expenses for the negotiation, sale and liquidation
of said bonds or certificates of indebtedness and for the
planning, construction or reconstruction of the roadways,
alleys, curbs, sidewalks, gutters and storm sewers as provided
for herein.

The hereinbefore mentioned limitation of eight percentum
of the assessed valuation constitutes an overall limitation of
borrowing capacity, notwithstanding any borrowing power
heretofore authorized by the General Assembly of Maryland,
and any sums outstanding incident to any heretofore auth-
orized bond issues shall be included in the determination of
the limitations authorized in Sections 203 to 206.

(b) The Mayor and Town Council of Cheverly, Maryland,
are hereby authorized to do all acts not specifically men-
tioned herein which may be necessary to issue and sell said
bonds or certificates of indebtedness, provide for the pay-
ment thereof, and the interest thereon, and to arrange for
construct or reconstruct the roadways, alleys, curbs,
sidewalks and gutters and storm water sewers as provided
for herein. The bonds or certificates of indebtedness here-