1974                              MUNICIPAL CHARTERS

for a period not exceeding three (3) years with respect to any project
from any bank or banker and without solicitation of competitive bids,
the repayment of such short-term loan to be secured by the assign-
ment of any final commitment of any Federal grant-in-aid of any
such project or by any revenues to be derived from the project so fi-
nanced and, in default of any such sources of payment, by the faith
and credit and taxing power of the Town.

Section 1. BE IT RESOLVED BY THE COMMISSIONERS OF
PERRYVILLE, That Section 312A of the Charter of the Town of Perry-
ville, as said Section was enacted by Resolution of The Commissioners of
Perryville, dated April 12, 1963, be and the same is hereby amended by
adding thereto an additional subparagraph (q), said subparagraph to
read as follows:

(q) to facilitate the financing of any water, storm drains or sewer
project hereby authorized, by borrowing all or a part of the cost thereof
for a period not exceeding three (3) years, with respect to any project,
from any bank or banker willing to lend the same, and without the solici-
tation of competitive bids therefor, to evidence such borrowing by the
unconditional Promissory Note or Notes of the Town, bearing interest at
a rate not exceeding five per centum (5%) per annum, and to secure the
repayment of any such loan, and the interest thereon, by assignment of
any final commitment of any public grant-in-aid for any such project
or by the pledge of revenues to be derived from the water, storm drains and
sewer systems of the Town or from any charge or assessment imposed
by the Town on persons or property benefitted by or using the project
so financed and to pledge the full faith and credit and taxing power of
the Town to the payment, with interest, of any such loan in the event
any such assignment or pledge shall be insufficient for the purpose.

Section 2. AND BE IT FURTHER RESOLVED BY THE COMMIS-
SIONERS OF PERRYVILLE, That the date of adoption of this Resolu-
tion is June 4, 1963, and the amendment of the Charter of The Commis-
sioners of Perryville hereby enacted shall become effective on July 25,
1963, unless a proper petition for a referendum hereon shall be filed as
permitted by law, provided a complete and exact copy of this Resolution
shall be continuously posted on the bulletin board in the office of The
Commissioners of Perryville until July 15, 1963, and provided further
that a copy of the title of this Resolution shall be published in "The Cecil
Whig" and "The Cecil Democrat," both being newspapers of general
circulation in Perryville, or in any other newspaper of such general circu-
lation, once in each of the weeks of June 16th, 23rd and 30th, and July
7th and 14th, 1963.

Section 3. AND BE IT FURTHER RESOLVED BY THE COMMIS-
SIONERS OF PERRYVILLE, That the President of the Commissioners
is hereby specifically enjoined to carry out the provisions of Section 2
hereof and, as evidence of such compliance, the President shall cause to
be