1446 LAWS OF MARYLAND [CH. 662

used for the current operating expenses of these utilities
SERVICES, replacement and extension of facilities, pay-
ment of interest and principal on bonds issued for these
purposes and any other expenses of these utilities. If these
revenues are not sufficient, the deficit must be made up
from the general funds of the city. If these revenues ex-
ceed the amounts needed for the above purposes, the surplus
may be used for the general governmental purposes of the
city.

TAXABLE PROPERTY:

54. All real and tangible personal property within the
limits of the City of Frostburg, or which may have a situs
there by reason of the residence of the owner therein, shall
be subject to taxation for municipal purposes, and the as-
sessment for said purpose shall be the same as that for state
and county purposes.

INDUSTRIAL EXEMPTIONS:

55. To encourage industrial expansion in the City of
Frostburg, the City of Frostburg may exempt from city
taxation the real and personal property or capital stock of
any manufacturing company newly established within the
taxable corporate limits of the city. Such exemption shall
in no case exceed a maximum of ten years.

BUDGET AUTHORIZES LEVY:

56. From the effective date of the budget, the amount
stated therein as the amount to be raised by the property
tax shall constitute a determination of the amount of the tax
levy in the corresponding tax year. The rate of the levy for
the general operating purposes of the city shall not exceed
One Dollar and Twenty-five Cents ($1. 25), on each One
Hundred Dollars ($100. 00), worth of assessable property.
In addition to the sum for general purposes, the council may
levy on assessable property such sums as are necessary and
sufficient for the liquidation and payment of the indebted-
ness of the City of Frostburg or any bonds thereof or any
interest thereon, issued or to be issued under the authority
of state law or this charter.

WHEN TAXES ARE OVERDUE:

57. The tax year shall be from July 1 through June 30th.
The taxes provided for in Section 56 of this charter shall be
due and payable on or after the first day of July and shall be
overdue and in arrears on the first day of the succeeding