THEODORE R. MCKELDIN, GOVERNOR 225

pealed, with respect to the authority hereby granted, to
the extent of such conflict, and, except as herein provided,
none of the limitations or restrictions on the powers of the
City to borrow money, to levy taxes or to issue and sell
bonds, contained in its Charter or in any other law which
limits, restricts or affects the powers herein granted, shall
be applicable hereto.

SEC. 6. And be it further enacted, That in the event
the question of the issuance of the bonds hereby authorized
is submitted to a referendum of the qualified voters of the
Town prior to the effective date of this Act, and a majority
of the qualified voters voting at said election shall favor the
issuance of the bonds hereby authorized, then, and in such
event, the holding of such referendum shall be deemed to
constitute compliance with the provisions of this Act pro-
viding for a referendum on the bonds hereby authorized
prior to the issuance thereof and any such referendum so
held is hereby declared to constitute compliance with such
Act provided the same was conducted in all respects in ac-
cordance with law. If such referendum has not been so
held prior to the effective date of this Act, or in the event
a majority of the qualified voters voting thereat shall be
against the issuance of the bonds hereby authorized then,
and in any such event, the Town may, in its discretion, re-
submit the question of the issuance of said bonds at a sub-
sequent special or general election in said Town and if a
majority of the qualified voters voting at said election shall
approve the issuance of said bonds then the authority
hereby conferred may thereafter be exercised by the Town,
provided always that such referendum is likewise con-
ducted in all respects in accordance with existing law.

SEC. 7. And be it further enacted, That if, in the dis-
cretion of the Town, it shall be deemed advisable to under-
take the retirement of any of its outstanding bonds in
order to reduce the Town's indebtedness and thereby
improve the market price for the bonds hereby authorized,
the Town may solicit tenders for the purchase of any such
bonds by the Town, at a price of par or par plus a premium,
together with accrued interest to date of payment, and such
tenders may especially be solicited with respect to any out-
standing bonds of the Town issued pursuant to the au-
thority of Chapter 338 of the Laws of Maryland of 1937,
provided, however, that prior to soliciting any such tenders
the Town shall adopt an appropriate resolution specifying
the amount of money it has available for the purchase of
any such bonds so tendered and in any solicitation of such

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