WM. PRESTON LANE, JR., GOVERNOR. 967
CHAPTER 409
(House Bill 630)

AN ACT to authorize the Mayor and Council of Crisfield to
borrow on its faith and credit a sum of money not to exceed
One Hundred Thousand Dollars ($100, 000. 00) and to evi-
dence such borrowing by the issuance and sale of its gen-
eral obligation serial maturity bonds, the proceeds of such
borrowing to be used for street and harbor improvements;
providing for the issuance and sale of said bonds and all
details thereof incident thereto; authorizing said munici-

pality to pay the principal and interest of said bonds by the
levy and collection of ad valorem taxes, without limitation
as to rate and amount, on all property subject to assess-
ment for full municipal taxation within the corporate limits
of said municipality; exempting said bonds and the interest
thereon from all taxation; providing for the appropriate
expenditure of the money so borrowed through the sale of
said bonds.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That, in order to enable the Mayor and Council of Cris-
field, a municipal corporation of the State of Maryland, to
finance certain street and harbor improvements as herein-
after described, said municipality is hereby authorized and
empowered to borrow on its full faith and credit, at any time
and from time to time, the sum of One Hundred Thousand
Dollars ($100, 000. 00) and to evidence said borrowing by the
issuance and sale of its general obligation serial maturity
bonds in like par amount.

SEC. 2. And be it further enacted, That before borrowing
any money or issuing any bonds pursuant to the authority of
this Act, the Mayor and Council of Crisfield shall adopt an
ordinance or resolution providing for the issuance and sale
of said bonds and the disposition of the proceeds of such issu-
ance and sale in accordance with the provisions hereof, said
resolution to clearly indicate the total amount of money to
be borrowed and to fix and determine all details incident to
the issuance of such bonds in accordance with the provisions
of this Act. Any bonds so issued pursuant to such an ordi-
nance or resolution shall be identified as "Crisfield Street and
Harbor Improvement Bonds" and shall also indicate the cal-
endar year of their issuance, and in each such bond there shall
be a clear reference to this Act as the authority therefor.
Under no circumstances shall the aggregate par value of any
bonds issued pursuant to the authority of this Act under