1988                              MUNICIPAL CHARTERS

part of the Charter of the Town of Seat Pleasant, Maryland, and
empowering the Mayor and Common Council to borrow money for
public improvements and setting forth the method of borrowing.

Section 1. BE IT RESOLVED, ENACTED and ORDAINED that
Section 68-13(h) of the Code of Public Local Laws of Prince George's
County, Maryland, (1963 Edition), titled, "Seat Pleasant," subtitled "Gen-
eral Powers," subheaded "Borrowing Power," being a part of the Charter
of the Town of Seat Pleasant, Maryland, be and the same is hereby
repealed and re-enacted with amendments to read as follows:

68-13(h). Borrowing Power

The Mayor and Common Council of Seat Pleasant are hereby em-
powered to borrow money for the purpose of public improvements in said
Town, in such sums as they may deem proper in their discretion, not to
exceed in the aggregate the sum of Three Hundred Thousand ($300,000)
Dollars, such [sum of] sums of money to be payable at such times as the
said Mayor and Common Council may agree upon with the lenders, subject
to the limitations hereinafter set forth, and to issue therefor, certificates
of indebtedness and/or bonds in the sum of not less than One Hundred
($100) Dollars, nor more than Two Thousand ($2,000) Dollars each; each
bond to be signed by the Mayor and the Common Council and counter-
signed by the Clerk thereof, and all of them to be issued at the option of
the Common Council and to bear rate of interest not to exceed six per
centum per annum, such bond or other evidences of debt to be the general
obligation of the Town of Seat Pleasant. [The interest on said bonds
hereby authorized to be payable semi-annually, according to the terms of
coupons to be attached thereto, and the coupons thereon, when due, to
be receivable for municipal taxes due to said Town of Seat Pleasant or
the terms of said certificates of indebtedness the said Common Council to
annually set aside a sinking fund a sum not less than ten per cent of the
municipal taxes collected as such during each succeeding year, until such
certificates of indebtedness and/or bonds as may have been issued by the
said Common Council shall mature as provided in this or any other Act,
when said funds shall be applied to the liquidation and liquidation and
redemption of the said bonds or the terms of said certificates of indebted-
ness.]

The Mayor and Council shall have the power to regulate all matters
concerning the issuance of certificates of indebtedness and/or bonds.

BE IT FURTHER RESOLVED, ENACTED and ORDAINED that
any section or sections of the Charter of the Town of Seat Pleasant,
Maryland, which are inconsistent with the above enacted section, be and
the same are hereby repealed.

BE IT FURTHER RESOLVED, ENACTED and ORDAINED that
the aforegoing proposed amendment shall be posted in the Town Hall for
a period of at least forty (40) days following its adoption, and shall further
be published in the Enquirer-Gazette once in each of four successive
weeks before the 14th day of D