392                               LAWS OF MARYLAND                        [CH. 258

59.   (Fees.) All fees received by an officer or employee of the town
government in his official capacity shall belong to the town govern-
ment and be accounted for to the town.

60.    (Audit.) The financial books and accounts of the town shall
be audited annually as required by Section 44 of Article 19 of the An-
notated Code of Maryland (1951 Edition, as amended).

61.    (Tax Anticipation Borrowing.) During the first six months
of any fiscal year, the town shall have the power to borrow in antici-
pation of the collection of the property tax levied for that fiscal year,
and to issue tax anticipation notes or other evidences of indebtedness
as evidence of such borrowing. Such tax anticipation notes or other
evidences of indebtedness shall be a first lien upon the proceeds of
such tax and shall mature and be paid not later than six months after
the beginning of the fiscal year in which they are issued. No tax
anticipation notes or other evidences of indebtedness shall be issued
which will cause the total tax anticipation indebtedness of the town
to exceed fifty per centum (50%) of the property tax levy for the
fiscal year in which such notes or other evidences of indebtedness are
issued. All tax anticipation notes or other evidences of indebtedness
shall be authorized by ordinance before being issued. The council
shall have the power to regulate all matters concerning the issuance
and sale of tax anticipation notes.

62.    (Payment of Indebtedness.) The power and obligation of the
town to pay any and all bonds, notes, or other evidences of indebt-
edness issued by it under the authority of this charter shall be un-
limited and the toivn shall levy ad valorem taxes upon all the taxable
property of the town for the payment of such bonds, notes, or other
evidences of indebtedness and interest thereon, without limitation
of rate or amount. 'The faith and credit of the town is hereby pledged
for the payment of the principal of and the interest on all bonds,
notes, or other evidences of indebtedness, hereafter issued under the
authority of this charter, whether or not such pledge be stated in the
bonds, notes, or other evidences of indebtedness, or in the ordinance
authorizing their issuance.

63.    (Previous Issues.) All bonds, notes, or other evidences of
indebtedness VALIDLY issued by the town previous to the effective
date of this charter and all ordinances passed concerning them are

hereby declared to be valid, legal, and binding and of full force and
effect as if herein fully set forth.

64.   (Purchasing and Contracts.) All purchases and contracts for
the town government shall be made by the clerk-treasurer. The
council may provide by ordinance for rules and regulations regard-
ing the use of competitive bidding and contracts for all town pur-
chases and contracts. All expenditures for supplies, materials, equip-
ment, construction of public improvements, or contractual service
involving more than one thousand dollars ($1,000) shall be made on
written contract. The clerk-treasurer shall be required to advertise
for sealed bids, in such manner as may be prescribed by ordinance,
for all such written contracts. Such written contracts shall be awarded
to the bidder who offers the lowest or best bid, quality of goods and
work, time of delivery or completion, and responsibility of bidders