THEODORE R. MCKELDIN, GOVERNOR 639

ducted in all respects in accordance with the law governing
elections held in said municipality, and the ballots used in
any such referendum shall contain the words "For bond issue
for.................... " and "Against bond issue for....................... ".

In the above blank spaces there shall be indicated the purposes
of the bond issue to be voted on and a space shall be left after
each line for voters to indicate their respective preferences. In
addition, the notice calling said referendum meeting shall give
a summary of the Resolution authorizing the proposed borrow-
ing and state where a full copy thereof may be examined. The
Resolution providing for the issuance of said bonds shall state
the sum of money to be borrowed, and the purposes for which
such money is to be spent. In said Resolution or in a Resolu-
tion adopted subsequent to said referendum meeting the Board
of Managers shall fix and determine the denominations of the
said bonds, the rate or rates of interest payable thereon, or the
method of determining the same, the date of the issuance of
said bonds, the date or dates of maturity of said bonds, the
form and tenor of said bonds and any provision for the re-
demption of said bonds in advance of the maturity. Said bonds
shall be sealed with the corporate seal of the said Chevy Chase
Village and signed by the Chairman and countersigned by the
Treasurer of said Board of Managers, or by some other member
of the Board of Managers designated in one of said Resolu-
tions. Said bonds shall be offered for sale by solicitation of
competitive bids at public sale in accordance with the provi-
sions of Section 35 of Article 31 of the Code of Public General
Laws of Maryland (1939 Edition and any amendments there-
to), except that the notice of sale provided for by said section
may be published in condensed form if it shall state where a
full and complete copy of said notice may be obtained. The
money arising from the sale of said bonds shall be used only
for the purposes specified in one of the above mentioned resolu-
tions, and said bonds when issued and the interest payable
thereon in the hands of the persons from time to time entitled
thereto shall be exempt from all State, municipal and county
taxation of every kind and nature whatsoever.

83 (122-10). (Emergency Borrowing. ) The Board of
Managers of Chevy Chase Village shall have the authority
to borrow in the name of Chevy Chase Village on a short
term basis not in excess of 18 months any sum or sums
not to exceed in the aggregate $10, 000 at any one time
and to issue notes or other evidences of indebtedness for
such borrowing. This money may be expended for any muni-
cipal purpose. The notes or other evidences of indebtedness
shall be sold as provided by the Board of Managers. All notes
or other evidences of indebtedness issued under the provisions