2078                                Municipal Charters

Maryland (1957 Edition), title "Corporations—Municipal" as said
section was enacted by Chapter 423 of the Laws of Maryland of 1955,
and said new section to be known as Section 33 and constituting an
amendment to the municipal charter of the body politic and corporate
known as the Mayor and Commissioners of the Town of Elkton, said
new section to change the borrowing requirements for the Town of
Elkton.

Whereas, in pursuance of Section 13 of Article 23A of the Annotated
Code of Maryland (1957 Edition) the Mayor and Commissioners of the
Town of Elkton are desirous of amending Section 33 of the charter of the
Town of Elkton relating to tax anticipation borrowing.

Section 1. BE IT RESOLVED by the Mayor and Commissioners of
the Town of Elkton that Section 33 of the charter of the Town of Elkton
be and it is hereby amended to read as follows:

Section 33.—During any fiscal year the Town may borrow in anticipa-
tion of the collection of the property taxes levied for that fiscal year, and
may issue tax anticipation notes or other evidence of indebtedness as evi-
dence of such borrowing. Such tax anticipation notes or other evidence of
indebtedness shall be a first lien upon the proceeds of such taxes and shall
mature during that current fiscal year in which they are due. No tax antic-
ipation notes or other evidence of indebtedness shall be issued which will
cause the total tax anticipation indebtedness of the Town to exceed fifty
per centum thereof, would then exceed fourteen per centum of the
assessed value of all real and personal property taxable for municipal pur-
poses by the town, but in computing compliance with this debt limitation,
bonds or other indebtedness of the town issued pursuant to the authority
of any public local law enacted by the general assembly prior to January
1, 1955, or pursuant to the authority of any public general law, other than
the aforesaid sections 31 to 39, inclusive, enacted at any time by the gen-
eral assembly, shall not be taken into account.

In addition to the above powers the board of commissioners may,
whenever they deem necessary, by Resolution borrow money on the faith
and credit of said town by note or otherwise, in any amount they deem
necessary for capital improvements, provided that said indebtedness, thus
created, shall not exceed three per centum of the assessed value of all real
and personal property taxable for municipal purposes by the town at the
time of issuance, and provided further that said indebtedness shall mature
no later than five (5) years from the date of its creation.

BE IT FURTHER RESOLVED that the date of adoption of this Reso-
lution is October 7, 1970 and the amendment to the charter of the Town
of Elkton by the Mayor and Commissioners of the Town of Elkton hereby
proposed by this enactment shall become effective fifty (50) days after
final enactment, unless a proper petition for referendum hereof shall be
filed as permitted by law, provided a complete and exact copy of this Reso-
lution shall be posted in the Town Hall of Elkton for a period of forty
(40) days following enactment of said Resolution, and provided further,
that a copy or fair summary of the proposed amendment shall be published
in the "Cecil Whig" or "Cecil Democrat," a newspaper of general circula-
tion in the Town of Elkton, once in each of the weeks of October 14, 21,
28th and November 4, 1970.

BE IT FURTHER RESOLVED that the Mayor and Commissioners
of the Town of Elkton be and they are hereby specifically enjoined and
instructed to carry out the provisions as contained herein, and as evidence