SEAT PLEASANT                                         2423

Dallas G. Truitt
Mayor of Salisbury

SEAT PLEASANT

(Prince George's County)
RESOLUTION NUMBER 72-01

A RESOLUTION adopted pursuant to the authority of Article XI-E of the
Constitution of Maryland Section 13 of Article 23A of the Annotated Code of
Maryland (1957 Edition as amended) to repeal Sub-section (h) of Section 68-13 of
the Code of Public Local Laws of Prince George's County, Maryland (1968
Edition) titled "Seat Pleasant" subtitled "General Powers," further subtitled
"Borrowing Power," and to enact in lieu thereof a new sub-section to be known as
Subsection (h) of Section 68-13 of said Code, to stand in the place and stead of the
sub-section so repealed, setting forth the borrowing power.

SECTION 1. BE IT RESOLVED, ENACTED AND ORDAINED, that
Sub-section (h) of Section 68-13 of the Code of Public Laws of Prince George's
County, Maryland (1968 Edition), titled "Seat Pleasant," subtitled "General
Powers," and further subtitled "Borrowing Powers," said Sub-section also being
Sub-Section (h) of Section 68-13 of the Charter of the Town of Seat Pleasant,
Maryland, be and is hereby repealed and that a new sub-section (h) of Section
68-13 be and is hereby enacted in lieu thereof, to stand in the place and stead of
the sub-section so repealed, and to read as follows:

68-13 (h) Borrowing power. The Mayor and Common Council of Seat Pleasant are
hereby empowered, for the purpose of Public improvements in said Town, to
borrow money in such sums as they may deem proper in their discretion, not
to exceed the aggregate sum of $500,000.00 Dollars and to mortgage and
pledge the real and personal property of said Town as security for the
repayment of such borrowed money at such times as the Mayor and
Common Council may agree upon the lenders subject to any limitations
hereinafter set forth. The Mayor and Common Council are further
empowered to issue evidences of such debt, including but not limited to
certificates of indebtedness or bonds, or both, each to carry a face value
of not less than one-hundred dollars ($100.00) nor more than two thousand
dollars ($2,000.00) and to be signed by the Mayor and Common Council and
countersigned by the Clerk thereof. All such evidence of indebtedness shall
bear a rate of interest not to exceed the maximum annual rate of interest
allowable by the law of the State of Maryland for such Public borrowing and
be the general obligation of the Town of Seat Pleasant.

BE IT FURTHER ENACTED AND ORDAINED, that this Resolution is
adopted this 10th day of January, 1972, and shall take effect on the 29th day of
February, 1972.