878 LAWS OF MARYLAND. [CH. 480

219. The Mayor and Council shall not expend, or con-
tract to spend, in any one fiscal year, more money than the
amount receivable from taxes and other sources of income
during that year; provided, that the Mayor and Council
may, and they are hereby so authorized under the restric-
tions hereinafter imposed, from time to time, to borrow
money for the use of the town, and to issue therefor the
bonds, notes or other obligations of the town to an amount
not exceeding the principal sum of twenty-five thousand
dollars ($25, 000) of outstanding indebtedness at any one
time, the same to bear such rate of interest and to be pay-
able and renewable in such manner as the Mayor and a ma-
jority of the Council shall agree upon; provided, however,
that the Mayor and Council shall not have the power to
issue any obligations whatever in the name of the town,
except as hereinafter provided, unless and until the issu-
ance of said bonds, notes or other obligations shall have
been first submitted to a vote of the electors of the town;
with a statement as to the amount and purpose for which
said money is to be borrowed, and shall have received a
favorable vote of a majority of the vote cast, and such ques-
tion may be submitted to the electors at either a regular
election or at a special election called for that purpose by
the Mayor and Council, in accordance with the provisions
hereinbefore recited for the holding of a general election;
and provided further, that the Mayor and Council be and
they are hereby authorized and required to create and
maintain a sinking fund for the repayment of any such
loan or loans made as aforesaid to the town; and provided
further that the Mayor and Council be and the same are
hereby authorized and empowered to borrow on the faith
and credit of said town a sum or sums not exceeding an
aggregate amount of five thousand dollars outstanding at
any one time and to use the proceeds therefrom for the
general purposes of the town in anticipation of taxes and
assessments levied or to be levied; and to issue therefor
notes or other evidences of indebtedness, bearing interest
at a rate not exceeding six per cent per annum.

220. This subtitle shall not be amended except on the
favorable vote therefor of a majority of the votes cast by
the qualified electors at a general or special election.

SECTION 2. And be it further enacted, That all ordi-
nances, resolutions, actions, contracts, permits and other
official acts passed, made, issued or done by the Mayor
and/or Council of North Beach shall remain in force and