638 LAWS OF MARYLAND [CH. 251

of Managers may determine from time to time, may be issued
on a maturity schedule which shall conform to the period of
time provided for the payment of said special improvements
in accordance with the laying of said special assessments as
above provided, may bear interest at such rate or rates as the
Board of Managers shall determine, not exceeding, however,
six per centum (6%) per annum, and said certificates of in-
debtedness and the interest payable thereon in the hands of
the owner or owners thereof from time to time shall be exempt
from State, County and municipal taxation of any kind or
nature whatsoever in the State of Maryland.

82. (122-9). (General Borrowing Power. ) The Board of Man-
agers of Chevy Chase Village is hereby authorized and em-
powered to borrow such sums of money as, in its opinion, may
be necessary from time to time for any municipal purpose what-
ever, to evidence such borrowing by the issuance of its general
obligation coupon bonds and, notwithstanding any other statu-
tory limitations, to provide for the levy and collection of all
taxes necessary and sufficient for the payment of the principal
and interest on said bonds, as the same respectively mature
and are payable or necessary for the payment of such interest
and to create a sinking fund for the payment of said bonds upon
maturity, provided that no money shall be borrowed hereunder
and no such bonds shall be issued unless the duly qualified
voters of Chevy Chase Village are notified of the proposed
borrowing and the reasons therefor at least ten days prior to
the date of any annual meeting or any special meeting at which
the proposal is to be considered and unless after such notice
there is presented to such annual or special meeting a resolu-
tion authorizing and empowering the Board of Managers to
borrow the proposed sum or a lesser sum than that provided in
the notice and unless that resolution is approved by a majority
vote of the qualified voters of Chevy Chase Village present and
voting at such annual or special meeting. No funds shall be
borrowed hereunder and no bonds shall be issued hereunder, if,
by such issuance, the total par value of said bonds plus the par
value of all outstanding and unpaid bonds issued hereunder
prior thereto shall exceed three per centum (3%) of the then
assessed value of all real property taxable by the Board of Man-
agers at the full tax rate of said Chevy Chase Village. In de-
termining whether said debt limitation shall have been reached
at any time, the said Chevy Chase Village shall not take into
account any of its indebtedness other than that incurred pur-
suant to the authority hereof, nor shall it take into account any
bonds issued in pursuance of said authority which have been re-
tired by the said Chevy Chase Village at maturity or purchased
by it in advance of maturity. Said referendum shall be con-