1292 LAWS OF MARYLAND. [CH. 532

ing institutions. These institutions shall be designated by the
Manager, in accordance with regulations established by ordi-
nance. Such banks shall be subject to such requirements as to
security for deposits and interest thereon by bond or otherwise,
as may be established by ordinance. All interest on moneys
belonging to the Town shall accrue to the benefit of the Town
government.

SEC. 53. ISSUANCE OF BONDS. The Town may issue bonds
up to ten per cent of its assessed valuation (or if no assess-
ment is made, up to ten per cent of the valuation made by
the assessor of Prince George's County), for the purpose of
paying for any property or public improvement which it may
lawfully acquire or construct, to pay for any improvement
the cost of which is to be assessed wholly or in part against
abutting or benefitting property; but no such bonds shall be
issued to pay current expenses. All bonds of the town shall be
authorized by an ordinance and confirmed by a majority vote
of the qualified electors of the town voting on the issue. Such
vote shall be taken at a regular municipal election, or at
a special election called by the Council for that purpose.
Bonds for the acquisition of property, or the construction of
improvements, shall be issued for a period not to exceed the
probable usefulness of the property or improvement for which
they are used; but in no case shall bonds be issued for a longer
period than forty years. All bonds hereafter issued by the
Town shall mature in annual installments and the first install-
ment shall fall due and be payable not later than two years
after the date of issue.

SEC. 54. LOANS IN ANTICIPATION OF BOND SALES. At any
time after a bond ordinance has taken effect, the Town may
borrow money for the purposes for which bonds are to be
issued, in anticipation of the receipt of the proceeds of the
sale of the bonds, and within the maximum authorized amount
of the bond issue. Such loans shall be due and payable not
later than three years after the time of taking effect of the or-
dinance authorizing the bonds upon which they are predicated,
but the limits of the life of the bonds, as prescribed in the pre-
ceding sections, shall be construed to include the term of such
temporary loan.

SEC. 55. TEMPORARY BORROWING. The Council may by or-
dinance authorize the issuance of notes or other evidences of
indebtedness in anticipation of the collection of taxes or of spe-
cial assessments, or of payments to the Town of Greenbelt in
lieu of taxes. Such notes or other evidences of indebtedness
shall be a first lien upon the proceeds of such taxes, assess-