WM. PRESTON LANE, JR., GOVERNOR. 1967
CHAPTER 806.
(House Bill 646)

AN ACT to repeal and re-enact, with amendments, Section
924 of Article 16 of the Code of Public Local Laws of
Maryland, title "Montgomery County", sub-title "Rockville".

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Section 924 of Article 16 of the Code of Public
Local Laws of Maryland, title "Montgomery County", sub-
title "Rockville", be and the same is hereby repealed and re-
enacted, with amendments, as follows:

924. The Mayor and Council of Rockville is hereby au-
thorized and empowered to borrow such sums of money as,
in its opinion, may be necessary from time to time for any
municipal purpose whatever, to evidence such borrowing by
the issuance of its general obligation coupon bonds and, not-
withstanding any other statutory limitations, to provide for
the levy and collection of all taxes necessary and sufficient
for the payment of the principal and interest on said bonds,
as the same respectively mature and are payable or necessary
for the payment of such interest and to create a sinking
fund for the payment of said bonds upon maturity, provided
that no money shall be borrowed hereunder and no such
bonds shall be issued unless the duly qualified voters of the
Town of Rockville, at a special or general election, shall by a
majority of the votes duly cast thereat declare their assent
to the borrowing of such money and the issuing of any such
bonds, and to that end an ordinance providing for such bor-
rowing and the issuance of any such bonds shall be submitted
to the electors of said Town at any such election. No such
funds shall be borrowed hereunder and no bonds shall be
issued hereunder, if, by such issuance, the total par value of
said bonds plus the par value of all outstanding and unpaid
bonds issued hereunder prior thereto shall exceed ten per
centum (10%) of the then assessed value of all real or per-
sonal property taxable by the Mayor and Council of Rockville
at the full Town tax rate. In determining whether said debt
limitation shall have been reached at any time, the Town
shall not take into account any of its indebtedness other than
that incurred pursuant to the authority hereof, nor shall it
take into account any bonds issued pursuant to such authori-
ty which have been retired by the Town at maturity or
purchased by it in advance of maturity. Said referendum
shall be conducted in all respects in accordance with the
law governing elections held in said municipality, and the bal-