2338                               Municipal Charters

a phasing out of municipal taxation on stock in business, raw materials
on hand, and manufactured products in the hands of a manufacturer,
and also stock in trade of every person, firm or corporation engaged
in any retail or wholesale business within the City of Hagerstown,
so that for the taxable year beginning July 1, 1973, such property
will be entirely exempt from municipal taxation.

Section 1. BE IT RESOLVED BY THE COUNCIL OF THE CITY
OF HAGERSTOWN, that a new section be added to Article IV of the
Charter of The City of Hagerstown, title "Revenue and Finance," to be
known as Section 32A, said new section to follow immediately after Section
32, as designated in the Code of The City of Hagerstown, published in
1967, subtitle "Taxable Property; Assessments," which said new section
shall read as follows:

Section 32A. Stock in Trade.

Notwithstanding any other provisions of Article IV of the Charter of
The City of Hagerstown, or any provisions of Article 81, Section 15 of the
Annotated Code of Maryland, for the purpose of municipal taxation of
The City of Hagerstown, the stock in trade, raw materials on hand and
manufactured products in the hands of a manufacturer, and also the stock
in trade of every person, firm or corporation engaged in any retail or
wholesale business within the City of Hagerstown, for the taxable year
beginning July 1, 1970, shall be assessed at 75% of its fair average value
for the 12 months preceding the date of finality and, for the taxable year
beginning July 1, 1971, shall be assessed at 50% of such fair average
value, and for the taxable year beginning July 1, 1972, shall be assessed
for 25% of such fair average value, and thereafter, the same shall be
entirely exempt from municipal taxation of The City of Hagerstown.

Section 2. AND BE IT FURTHER RESOLVED that the date of
adoption of this Resolution is November 25th, 1969, and the amendment
of the Charter of the City of Hagerstown hereby enacted shall become
effective January 14th, 1970, unless a proper petition for a referendum
hereon shall be filed, as permitted by law, provided a clear and exact copy
of this Resolution shall be continuously posted at a conspicuous place in the
main lobby on the first floor in the City Hall until January 5th, 1970, and
provided further that a copy of the title of this Resolution shall be published
in "The Morning Herald" and "The Daily Mail," two newspapers of
general circulation of the City of Hagerstown, once in each of the weeks
of November 30th, December 7th, 14th and 21st, 1969.

Section 3. AND BE IT FURTHER RESOLVED that the Mayor is
hereby specifically enjoined to carry out the provisions of Section 2 hereof
and, as evidence of said compliance, the Mayor shall cause to be affixed
to the minutes of this meeting appropriate certificates of publication of the
newspapers in which the title of this Resolution shall have been published
and shall declare the Charter amendment hereby enacted to be effective
by affixing his signature hereto in the space provided on the effective
date thereof.

Section 4. AND BE IT FURTHER RESOLVED that as soon as the
Charter Amendment hereby enacted shall become effective, either as herein
provided or following a referendum, the Mayor shall send separately by
registered mail to the Secretary of State of Maryland and to the Depart-
ment of Legislative Reference of Maryland a clear certified copy of the
full text of said Section 32A of Article IV of the Charter of the City of
Hagerstown as amended, a certified copy of this Resolution showing the