WM. PEESTON LANE, JR., GOVERNOR. 693
CHAPTER 397.
(House Bill 581)

AN ACT to authorize and empower the Mayor and City Coun-
cil of Ocean City to borrow on its faith and credit a sum
or sums of money not exceeding One Hundred Thousand
Dollars ($100,000.00) in the aggregate and to evidence said
borrowing by the issuance of its general obligation serial
maturity coupon bonds in par amount equal to the amount
of the borrowing, payable as to principal and interest from
the proceeds of water rents collected in said municipality
to the extent available, and to the extent of any deficiency
in said proceeds for that purpose then, from the proceeds of
ad valorem taxes levied, without limitation as to rate or
amount, on all assessable property in said municipality,
notwithstanding any other statutory tax limitation, and to
use the money so borrowed for extensions of municipal water
mains and for improvements to the municipal water system,
the exercise of the authority hereby conferred to be subject,
however, to approval by the qualified voters of said munici-
pality by referendum.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That to enable the Mayor and City Council of Ocean City,
a body politic and corporate of the State of Maryland, here-
inafter referred to as the City, to finance extensions of water
mains in said City and improvements of the City water system,
the said City is hereby authorized and empowered, at one time
or from time to time, to borrow a sum or sums of money not
exceeding One Hundred Thousand Dollars ($100,000.00) in
the aggregate, and to evidence said borrowing by the issuance
of its general obligation serial maturity coupon bonds, sub-
ject, however, to the limitations and conditions hereinafter
imposed.

SEC. 2. And be it further enacted. That before borrowing or
contracting to borrow any funds or issuing any bonds pur-
suant to the authority hereof, the City shall, by appropriate
resolution, submit to a referendum of the qualified voters of
the City, the question whether or not the authority hereby
conferred shall be exercised. For the purpose of submitting
said question, the City is hereby empowered to order a special
election at such time and place, within the corporate limits
of Ocean City, Maryland, as said City by resolution may deter-
mine. Public notice of such special election shall be given
by publication in at least one weekly newspaper published in
Worcester County, Maryland, in each of two (2) successive