2130                                Municipal Charters

Resolution No. 2nd-1970

A RESOLUTION of the City of Laurel Adopted Pursuant to the
provisions of Article 23A, Sections 11 through 18, titled Corporations
—Municipal, subtitled Charter Amendments, of the Annotated Code
of Maryland (1966 Replacement Volume) to amend the Charter of
the City of Laurel, Section 49-36 (a) entitled Borrowing Power
—Limitation by the exclusion of the words "which shall bear interest
of no more than six per centum per annum."

THEREFORE: be it enacted and ordained by the Mayor and City
Council of Laurel, Maryland, that Section 49-36 (a) of the Charter of
the City of Laurel, titled Borrowing Power—Limitation, be amended
by the exclusion of the words "which shall bear interest of no more
than six per centum per annum," to read as follows:

Borrowing Power

(a) Limitation. The said Mayor and City Council is empowered,
from time to time, to borrow money on the faith and credit of the Mayor
and City Council of Laurel and to issue negotiable certificates of indebted-
ness [, which shall bear interest of no more than six per centum per an-
num,] for the purpose of paying for any repairs and/or replacements in
any municipally owned utility, or for such other purpose or purposes as said
Mayor and City Council may deem advisable, in such sum or sums as it may
deem necessary. Any and all indebtedness of said Mayor and City Council
of Laurel whether authorized under this paragraph or elsewhere except for
the indebtedness which may now or hereafter be outstanding by virtue of
previously issued "Fairlawn" District bonds, shall at no time exceed five
per annum (5%) of the assessed valuation of the real property of the Town
of Laurel.

BE IT FURTHER RESOLVED that the date of the adoption of the
Resolution is October 12, 1970 and that the Amendment to the Charter of
the City of Laurel, hereby proposed by this enactment, shall be and become
effective on the 1st day of December, 1970, unless a proper petition for
referendum hereon shall be filed as permitted by law. A complete and
exact copy of the Resolution shall be posted in the City Office until the 21st
day of November, 1970, and a copy of the title of this Resolution shall
be published in a newspaper of general circulation in the City of Laurel
not less than four times at weekly intervals before the 21st day of November
1970.

AND BE IT FURTHER RESOLVED that as soon as the Charter
Amendment hereby enacted shall become effective, either as herein pro-
vided or following a referendum, the Mayor of the City of Laurel shall send
separately by registered mail, to the Secretary of the State of Maryland,
to the Department of Legislative Reference, Hall of Records Commission
and State Library, the following information concerning the Charter
Amendment:

1.    The complete text of this Resolution

2.    The date of the referendum election, if any, held with respect
thereto;

3.    The number of votes cast for and against the question contained in
the Charter Amendment, whether by the Council of the City of Laurel or
in a referendum; and

4.    The effective date of the Charter Amendment.