CAPITOL HEIGHTS                                    2125

FOLLOWING OCTOBER. THEY SHALL BEAR INTEREST WHILE IN
ARREARS AT THE RATE OF ONE PER-CENTUM (1%) FOR EACH
MONTH OF (SIC) FRACTION OF A MONTH UNTIL PAID. ALL TAXES
NOT PAID AND IN ARREARS AFTER THE FIRST DAY OF THE
FOLLOWING JANUARY SHALL BE COLLECTED AS PROVIDED IN
THIS CHARTER.

48-0 SALE OF TAX DELINQUENT PROPERTY. A LIST OF ALL
PROPERTY ON WHICH THE TOWN TAXES HAVE NOT BEEN PAID
AND WHICH ARE IN ARREARS AS PROVIDED BY THIS CHARTER
SHALL BE TURNED OVER BY THE TOWN ADMINISTRATOR TO THE
OFFICIAL OF THE COUNTY RESPONSIBLE FOR THE SALE OF TAX
DELINQUENT PROPERTY AS PROVIDED BY STATE LAW. ALL
PROPERTY LISTED THEREON SHALL, IF NECESSARY, BE SOLD FOR
TAXES BY THIS COUNTY OFFICIAL, IN THE MANNER PRESCRIBED
BY STATE LAW.

49-0 FEES. ALL FEES RECEIVED BY AN OFFICER OR EMPLOYEE OF
THE TOWN GOVERNMENT IN HIS OFFICIAL CAPACITY SHALL
BELONG TO THE TOWN GOVERNMENT AND BE ACCOUNTED FOR
TO THE TOWN.

50-0 AUDIT. THE FINANCIAL BOOKS AND ACCOUNTS OF THE TOWN
SHALL BE AUDITED ANNUALLY.

51-0 TAX ANTICIPATION BORROWING. DURING THE FIRST SIX
MONTHS OF ANY FISCAL YEAR, THE TOWN SHALL HAVE THE
POWER TO BORROW IN ANTICIPATION OF COLLECTION OF THE
PROPERTY TAX LEVIED FOR THE FISCAL YEAR, AND TO ISSUE TAX
ANTICIPATION NOTES OR OTHER EVIDENCES OF INDEBTEDNESS
SHALL BE A FIRST LIEN UPON THE PROCEEDS OF SUCH TAX AND
SHALL MATURE AND SHALL BE PAID NOT 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 ARE ISSUED. ALL TAX ANTICIPATED NOTES OR
OTHER EVIDENCES OF INDEBTEDNESS SHALL BE AUTHORIZED BY
ORDINANCE BEFORE BEING ISSUED. THE MAYOR AND COUNCIL
SHALL HAVE THE POWER TO REGULATE ALL MATTERS
CONCERNING THE ISSUANCE AND SALE OF TAX ANTICIPATED
NOTES.

52-0 PAYMENT OF INDEBTEDNESS. THE POWER AND OBLIGATION
OF THE TOWN TO PAY ANY AND ALL BONDS, NOTES, AND OTHER
EVIDENCES OF INDEBTEDNESS ISSUED BY IT UNDER THE
AUTHORITY OF THIS CHARTER SHALL BE UNLIMITED AND THE
TOWN SHALL LEVY AD VALOREM TAXES UPON ALL THE TAXABLE
PROPERTY OF THE TOWN FOR THE PAYMENT OF SUCH BONDS,
NOTES, OR OTHER EVIDENCES OF INDEBTEDNESS AND INTEREST
THEREON, WITHOUT LIMITATION OF AMOUNT. THE FAITH AND
CREDIT OF THE TOWN IS HEREBY PLEDGED FOR THE PAYMENT OF
THE PRINCIPAL OF AND THE INTEREST ON ALL BONDS, NOTES
AND OTHER EVIDENCES OF INDEBTEDNESS, HEREAFTER ISSUED
UNDER THE AUTHORITY OF THIS CHARTER, WHETHER OR NOT
SUCH PLEDGE BE STATED IN THE BONDS, NOTES, OR OTHER