1554 LAWS OF MARYLAND [CH. 538

(h) The mayor shall sell bonds by sealed bids after giv-
ing two weeks notice in one or more newspapers of general
circulation in the Town of Mount Airy, and in such other
publications 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.

(i) Proceeds from the sale of all bonds shall be kept
by the mayor under such rules and regulations as the coun-
cil may prescribe. The proceeds from the sale of bonds
shall be spent only as prescribed by ordinance.

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

TEMPORARY BORROWING

58. The Town of Mount Airy shall have the power to
borrow on a short term basis any sum or sums not to
exceed in the aggregate six thousand dollars ($6, 000. 00)
and to issue notes or other evidences of indebtednesses for
such borrowing. This money may be expended for any
municipal purpose. The notes or other evidences of indebt-
edness shall be sold as provided by council. All notes or
other evidences of indebtedness issued under the provi-
sions of this section shall be paid from the taxes levied
for the general purposes of the town. Levying or collect-
ing any special tax for the payment of these notes or other
evidences of indebtedness is expressly prohibited. The
notes or other evidences of indebtedness issued under the
provisions of this section need not be submitted to a vote
of the qualified voters of the town and they shall not be
deemed to be included under the ten per cent (10%) bond
limit established by this charter.

TAX EXEMPTION

59. All bonds, notes, or other evidences of indebtedness
issued and sold by the Town of Mount Airy under the
authority of this charter shall be exempt from all state,
county, and municipal taxes in Maryland.

PREVIOUS ISSUES

60. All bonds, notes, or other evidences of indebted-
ness issued by the Town of Mount Airy previous to the
effective date of this charter, and all ordinances passed
concerning them, are hereby declared to be valid, legal,
and binding and of full force and effect as if herein fully
set forth.