THEODORE R. MCKELDIN, GOVERNOR 1553

time as may be deemed necessary for the general welfare
of the town and its general corporate purposes. The town
may issue and sell bonds for such indebtedness in accord-
ance with the provisions of Section 57 of this charter or
with state law.

PROCEDURE

57. Except as otherwise specified under the provisions
of this charter:

(a) The total amount of bonds issued under the author-
ity of this charter, when added to bonds outstanding less
the amounts in any sinking funds for the redemption
of bonds outstanding, shall not exceed at any one time
ten per cent (10%) of the total assessed value of all tax-
able property in the town.

(b) Under the ten per cent (10%) bond limitation, the
council may authorize bond issues which will not place
the total town indebtedness above five per cent (5%) of
the total assessed value of taxable property in the town.
All other bond issues must be submitted to a referendum
of the qualified voters of the town and a majority favor-
able vote of those voting on the question shall be necessary
before such issues may be made.

(c) The debt limits established in (a) and (b) of this
section shall not apply to revenue bonds issued for revenue
producing projects such as a water plant, power plant, or a
sewage treatment and disposal system. Issuing revenue
bonds for revenue producing projects shall be subject to
a majority affirmative vote of nil qualified voters voting
on the question in any general or special election.

(d) All proposed bond issues issued under the provi-
sions of this charter shall be approved by the council.

(e) 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.

(f) All bonds shall be signed by the mayor and attested
by the council secretary or the town clerk, and the seal
of the town shall be attached thereto.

(g) When signed and attested, the bonds shall be deliv-
ered to the mayor, who shall be responsible for their safe-
keeping until sold.