2230                               Municipal Charters

355. ASSESSMENTS; TAX RATE.

[The said Council, as often as they shall deem it advisable, shall cause
an assessment to be made of all the real and personal property within said
town of the corporate limits thereof, which assessment shall not exceed
the assessment of the same for the county purposes, and the Council shall
levy a tax thereon not exceeding One Dollar on the One Hundred Dollars
worth of assessable property in any one year] The Mayor and Council
shall have power to levy and collect ad valorem taxes not to exceed
One Dollar on the One Hundred Dollars worth of assessable property,
within the Town, in any one year, to provide the funds necessary to pay
the costs of operation and administration of the Town government and,
without limitation as to rate or amount, to pay the principal and interest
coming due in such year, on any indebtedness incurred by the Town, pur-
suant to Section 381 (a).

381(a). BORROWING POWER.

The Mayor and Council of Loch Lynn Heights is hereby authorized
and empowered, within the provisions of this section to borrow such sum
or sums of money as, in its discretion, may be necessary from time to time
for any municipal purpose whatever, such sum or sums to be borrowed pur-
suant to the authority of, and in the manner prescribed by, Sections 31 to
39 inclusive of Article 23A of the Annotated Code of Maryland (1957 Edi-
tion), as said sections exist in said Code or may from time to time be
amended by the General Assembly of Maryland; provided that said
Mayor and Council shall not issue any bonds, notes or other evidences of
indebtedness pursuant to the foregoing authority if, by the issuance there-
of, the total unpaid funded indebtedness of the Town, less the amount of
sinking funds established for the retirement of such indebtedness, will
then exceed twelve per centum (12%) of the assessed value of all real and
personal property within the corporate limits of the Town subject to un-
limited taxation for municipal purposes, unless the question of the incur-
ring of such indebtedness beyond such limitation shall first be referred to
the qualified voters of the Town at a general election in the Town or at
any special election in the Town, duly called and held for the purpose pur-
suant to law and shall be approved by a majority of the qualified voters
of the Town, voting at said general or special election. Any such referen-
dum shall be held and conducted in accordance with the provisions of law
governing Town elections elsewhere contained in the Charter of the Town
and if a majority of the qualified voters voting on any such referendum
shall vote in the negative on the question submitted, then the Mayor and
Council shall not again submit to said qualified voters the question whether
the Town may incur indebtedness in excess of the limitation herein de-
scribed for a period of at least one year from the date of such referendum."

Section 2. AND BE IT FURTHER RESOLVED, that the date of
adoption of this Resolution is August 31, 1970, and the amendments of
the Charter of the Mayor and Council of Loch Lynn Heights, hereby
enacted, shall become effective on October 20, 1970, unless a proper petition
for referendum hereon shall be filed as permitted by law, provided a com-
plete and exact copy of this Resolution shall be continuously posted at the
Town Hall until October 10, 1970, and provided further, that a copy of
the title of this Resolution shall be published in "The Republican," a news-
paper published and with general circulation in the Town of Loch Lynn
Heights, or in any other newspaper of such general circulation, once in each
of the weeks of September 3, 10, 17, 24, and October 1st, 1970.