THEODORE R. MCKELDIN, GOVERNOR 943

CHAPTER 500
(House Bill 403)

AN ACT to repeal and re-enact, with amendments, Section
102 of Article VII of Chapter 534 of the Acts of the
General Assembly of Maryland (1951 Session), AND TO
ADD A NEW SECTION TO SAID CHAPTER, SAID
NEW SECTION TO BE KNOWN AS SECTION 102A,
TO FOLLOW IMMEDIATELY AFTER SECTION 102
OF SAID CHAPTER, relating to tax anticipation notes
and the bonded indebtedness of The City of Salisbury.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That Section 102 of Article VII of Chapter 534
of the Acts of the General Assembly of Maryland (1951
Session), be and the same is hereby repealed and re-enacted,
with amendments, AND THAT A NEW SECTION BE
AND IT IS HEREBY ADDED TO SAID CHAPTER, SAID
NEW SECTION TO BE KNOWN AS SECTION 102A,
TO FOLLOW IMMEDIATELY AFTER SECTION 102 OF
SAID CHAPTER, AND ALL to read as follows:

102. Tax Anticipation Notes. The City of Salisbury shall
have the power to borrow for current operations in any
budget year an amount not to exceed thirty-five per cent
(35%) of the [taxes] revenues to be collected for that
budget year, giving tax anticipation notes for such borrow-
ings. These notes may be renewed from time to time, but
must be finally paid off by the end of the budget year next
succeeding the one in which the borrowing took place. In
addition, no original borrowing nor any renewal thereof
shall be made for an amount that will bring the total out-
standing tax anticipation indebtedness against any budget
year in excess of seventy-five per cent (75%) of the [taxes]
revenues of that budget year uncollected at the time the
borrowing or renewal takes place. The total bonded or other
indebtedness of The City of Salisbury shall at no time
exceed an amount which is equal to 7½% of the assessed

valuation of real and tangible personal property within the
corporate limits thereof. All notes or other evidences of
indebtedness issued under the provisions of this section
and the interest thereon shall be paid from the general tax

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EXPLANATION: Italics indicate new matter added to existing law.

[Brackets] indicate matter stricken from existing law.
CAPITALS indicate amendments to bill.
Strike out indicates matter stricken out of bill.