1606 LAWS OF MARYLAND [CH. 539

(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 ten ten per cent (10%)
EIGHT PER CENT (8%) of the total assessed value of all
taxable property in the city.

(b) All proposed bond issues issued under the provisions
of this charter shall be approved by the board of aldermen.

(c) 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 board of aldermen may decide.

(d) All bonds shall be signed by the mayor and attested
by the city register and collector of taxes, and the seal of
the city shall be attached thereto.

(e) When signed and attested, the bonds shall be deliv-
ered to the city register and collector of taxes, who shall
be responsible for their safekeeping until sold.

(f) The city register and collector of taxes shall sell
bonds by sealed bids after giving two weeks notice in one
or more newspapers of general circulation in the City of
Frederick, and in such other publications as the board of
aldermen may decide. The sale of all bonds shall be car-
ried on under such rules and regulations as the board of
aldermen may prescribe. No bonds shall be sold by sealed
bids except at prices approved by the board of aldermen.

(g) Proceeds from the sale of all bonds shall be kept
by the city register and collector of taxes under such rules
and regulations as the board of aldermen may prescribe.
The proceeds from the sale of bonds shall be spent only
as prescribed by ordinance.

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

TEMPORARY BORROWING

116. The City of Frederick shall have the power to
borrow on a short term basis any sum or sums not to
exceed in the aggregate fifty thousand dollars ($50, 000)
and to issue notes or other evidences of indebtedness for
such borrowing. This money may be expended for any
municipal purpose. The notes or other evidences of in-
debtedness shall be sold as provided by the board of alder-
men. All notes or other evidences of indebtedness issued