Ocean City                                      2361

"188P. TAX ANTICIPATION BORROWING.

[During the first six months of any year] The town shall have the
power to borrow in anticipation 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 antic-
ipation 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 percentum (50%) of the property tax levy for the fiscal year
in which such 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."

Section 2. BE IT FURTHER RESOLVED, AS AFORESAID, that
the date of adoption of this Resolution is March 22, 1966, and that the
amendments to the Charter of the Mayor and City Council of Ocean City,
hereby proposed by this enactment shall be and become effective on May
11, 1966, unless a proper petition for a referendum thereon shall be filed
as permitted and required by law. A complete and exact copy of this
Resolution shall be posted in the town hall until May 11, 1966, and a copy
of the title of this Resolution shall be published in a newspaper of general
circulation in Ocean City, Maryland, not less than four times, at weekly
intervals, before May 1, 1966.

Section 3. AND BE IT FURTHER RESOLVED, AS AFORESAID,
that as soon as the charter amendments hereby enacted shall become
effective, either as herein provided or following a referendum, the Mayor
of Ocean City shall send, by registered mail, separately, to the Secretary
of State of Maryland, and to the Department of Legislative Reference,
the following information concerning the charter amendments: (1) the com-
plete text of Sections 176D, 188Q and 188P of the Charter of Mayor and
City Council of Ocean City, as hereby enacted; (2) the date of the referen-
dum election, if any, held thereon; (3) the number of votes cast for and
against the questions contained in the charter amendments, whether by
the Council of the Mayor and City Council of Ocean City or in a referen-
dum; and (4) the effective date of the charter amendments.

Section 4. AND BE IT FURTHER RESOLVED, AS AFORESAID,
that the Mayor of Ocean City be, and he is hereby, specifically enjoined
and instructed to carry out the provisions of Section Two and Three
hereof. As evidence of compliance herewith, the said Mayor shall cause
to be affixed to the minutes of this meeting (1) appropriate certificates
of publication of the newspaper in which the title of this Resolution shall
have been published; and (2) the return receipts of the mailing referred
to in Section Three, and shall comply with all other requisites of law,
if any.

Passed this 22nd day of March, 1966.

William H. McCabe, President of
City Council
Talbot E. Bunting, Secretary

Approved this 22nd day of March, 1966.

Hugh T. Cropper, Mayor
ATTEST:
T. Earl Pierce, Clerk-Treasurer