THEODORE R. McKELDIN, GOVERNOR                   713

AUTHORIZED AND EMPOWERED TO IMPOSE, LEVY OR
CHARGE, AND TO THE EXTENT THAT ANY SUCH REVENUES
ARE SUFFICIENT IN ANY YEAR TO PROVIDE FOR THE PAY-
MENT OF THE PRINCIPAL OF AND INTEREST ON THE BONDS
TO WHICH THEY ARE PLEDGED, SUCH MUNICIPAL CORPO-
RATION SHALL NOT BE OBLIGATED IN SUCH YEAR TO LEVY
PROPERTY TAXES ALSO PLEDGED THERETO AND THE
faILURE OF SUCH MUNICIPAL CORPORATION TO LEVY
SUCH PROPERTY TAXES, SO LONG AS SAID ADDITIONAL
REVENUES ARE SUFFICIENT TO SATISFY SAID PLEDGE,
SHALL NOT BE TAKEN OR CONSTRUED AS A BREACH OF
ANY OF THE ABOVE-DESCRIBED COVENANTS OF SUCH
MUNICIPAL CORPORATION.

38.   EVERY MUNICIPAL CORPORATION IS HEREBY AU-
THORIZED BY AMENDMENT OF ITS CHARTER IN THE MAN-
NER PRESCRIBED IN THIS SUB-TITLE OR IN ANY CHARTER
ADOPTED HEREUNDER, TO PROVIDE FOR THE ISSUANCE
BY SUCH MUNICIPAL CORPORATION OF BONDS PAYABLE
AS TO PRINCIPAL AND INTEREST SOLELY FROM THE
REVENUES OF ONE OR MORE REVENUE PRODUCING PROJ-
ECTS OF SUCH MUNICIPAL CORPORATION, WHICH BONDS
SHALL NOT CONSTITUTE AN INDEBTEDNESS OF SUCH
MUNICIPAL CORPORATION TO WHICH ITS faITH AND
CREDIT OR TAXING POWER ARE PLEDGED, AND NOTHING
CONTAINED IN THIS SUB-HEADING SHALL BE CON-
STRUED AS A LIMITATION ON THE POWER OF A MUNICI-
PAL CORPORATION SO TO MAKE PROVISION FOR THE
ISSUANCE OF REVENUE BONDS IN ITS CHARTER.

39.    NOTHING CONTAINED IN THIS ARTICLE SHALL BE
DEEMED OR CONSTRUED TO IMPAIR THE TERMS AND
CONDITIONS OF ANY BONDS, NOTES OR OTHER OBLIGA-
TIONS OF ANY MUNICIPAL CORPORATION ISSUED BY SUCH
MUNICIPAL CORPORATION PRIOR TO THE EFFECTIVE
DATE OF ARTICLE HE OF THE CONSTITUTION OF THIS
STATE.

TAX RATES AND DEBT REFERENDA

40.    THE LEGISLATIVE BODY OF ANY MUNICIPAL COR-
PORATION IS AUTHORIZED AND EMPOWERED TO FIX A
DATE AND TO ESTABLISH PROCEDURES FOR THE SUB-
MISSION OF ANY LOCAL LAW, ENACTED PURSUANT TO
THE PROVISIONS OF SECTION 5 OF ARTICLE HE OF THE
CONSTITUTION OF MARYLAND, PLACING A MAXIMUM
LIMIT ON THE RATE AT WHICH PROPERTY TAXES MAY BE
IMPOSED OR REGULATING THE MAXIMUM AMOUNT OF
DEBT WHICH MAY BE INCURRED BY SUCH MUNICIPAL
CORPORATION, AT ANY REGULAR OR SPECIAL MUNICIPAL
ELECTION, TO THE VOTERS OF SUCH MUNICIPAL CORPOR-
ATION FOR THEIR APPROVAL; AND TO DO WHATEVER
SHALL BE NECESSARY AND PROPER IN ORDER TO GIVE
EFFECT TO THE REQUIREMENT OF SECTION 5 OF ARTICLE
HE OF THE CONSTITUTION OF MARYLAND, THAT NO SUCH
LOCAL LAW SHALL BECOME EFFECTIVE IN REGARD TO A
MUNICIPAL CORPORATION UNTIL AND UNLESS IT SHALL