550 LAWS OF MARYLAND [CH. 216

cent (10%) of the total assessed value of all taxable prop-
erty 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 two and one-half per
cent (2½%) of the total assessed value of taxable prop-
erty in the town. All other bond issues must be submitted
to a referendum of the qualified voters of the town and a
majority favorable 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 or a power plant.
Issuing revenue bonds for revenue producing projects
shall be subject to a majority affirmative vote of all quali-
fied 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 clerk-treasurer, and the seal of the town shall be
attached thereto.

(g) When signed and attested, the bonds shall be deliv-
ered to the clerk-treasurer, who shall be responsible for
their safekeeping until sold.

(h) The clerk-treasurer shall sell bonds by sealed bids
after giving two weeks notice in one or more newspapers
of general circulation published in Garrett County, 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 clerk-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.

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