1504 LAWS OF MARYLAND [CH. 534

(b) Bonds may be either coupon or registered bonds.
From the effective date of this charter all bonds shall be
issued in serial form. They shall be issued in such denomi-
nations, at such rates of interest, and for such a period of
time as the council may decide.

(c) All bonds shall be signed by the mayor, the seal of
the city attached thereto, and attested by the city clerk.

(d) When signed and attested, the bonds shall be de-
livered to the city treasurer, who shall be responsible for
their safekeeping until sold.

(e) The city treasurer shall sell bonds by sealed bids
after giving two weeks notice in one or more newspapers
published in the City of Salisbury and in such other pub-
lications as the council may decide. The sale of all bonds
shall be carried on under such rules and regulations as
the council may prescribe. No bonds shall be sold by sealed
bids except at prices approved by the council.

(f) Proceeds from the sale of all bonds shall be kept by
the city treasurer under such rules and regulations as the
council may prescribe. The proceeds from the sale of
bonds shall be spent only as prescribed by ordinance.

(g) The council may regulate the issuing or sale of
bonds in any manner not contrary to this charter.

102. Tax Anticipation Notes. The City of Salisbury shall
have the power to borrow for current operations in any
budget year an amount not to exceed thirty-five per cent
(35%) of the taxes to be collected for that budget year, giv-
ing tax anticipation notes for such borrowings These notes
may be renewed from time to time, but must be finally paid
off by the end of the budget year next succeeding the one in
which the borrowing took place. In addition, no original
borrowing nor any renewal thereof shall be made for an
amount that will bring the total outstanding tax anticipa-
tion indebtedness against any budget year in excess of
seventy-five per cent (75%) of the taxes of that budget
year uncollected at the time the borrowing or renewal
takes place. THE TOTAL BONDED OR OTHER IN-
DEBTEDNESS OF THE CITY OF SALISBURY SHALL
AT NO TIME EXCEED AN AMOUNT WHICH IS
EQUAL TO 7½% OF THE ASSESSED VALUATION
OF REAL PROPERTY WITHIN THE CORPORATE
LIMITS THEREOF. All notes or other evidences of in-
debtedness issued under the provisions of this section and
the interest thereon shall be paid from the general tax
levy of the city. The payment of any notes or other evi-