4686

MUNICIPAL CHARTERS

same are hereby repealed and that new Sections 113P,
113Q, and 113S be re-enacted in place thereof to read as
follows:

SECTION 113P. Power of City to borrow by issuance
and sale of bonds.

The City of Fruitland shall have the power to borrow
on the faith and credit of the city from time to time as
may be deemed necessary for the general welfare of the
City and its general corporate purposes; and without
limiting the generality of the foregoing, it shall have
the power to borrow for the encouragement of industrial
development and expansion in the City of Fruitland by
providing plants or necessary facilities therefor, which
hereby is declared to be an essential public and
governmental purpose and necessary for the general
welfare of the City. The City may issue and sell bonds
to evidence such borrowing in accordance with Section
113Q of this charter or with state law; and such bonds
may be secured by a pledge of the full faith and credit
of the City or of the revenues derived from the
particular project, undertaking, or property in
connection with which such bonds were authorized and
issued, or by a pledge both of the City's full faith and
credit and such revenues.

IN ADDITION, WHEN THE CITY OF FRUITLAND HAS RECEIVED A
FUNDED COMMITMENT FROM THE GOVERNMENT OF THE UNITED
STATES OR OF THE STATE OF MARYLAND, OR ANY AGENCY OF
EITHER FOR THE LOAN, GIFT, OR GRANT OF ANY FUNDS TO BE
RECEIVED AT A TIME CERTAIN OR UPON THE REQUEST OF THE
CITY COUNCIL OF FRUITLAND; THE CITY OF FRUITLAND MAY,
UPON PASSAGE OF A RESOLUTION OF THE CITY COUNCIL OF
FRUITLAND WITH THE AFFIRMATIVE VOTES OF A MAJORITY
THEREOF, BORROW UPON THE FULL FAITH AND CREDIT OF THE
CITY OF FRUITLAND FROM TIME TO TIME NOT TO EXCEED
EIGHTY-FIVE PERCENT (85%) OF THE PROCEEDS OF SUCH LOAN,
GIFT, OR GRANT AND MAY ISSUE ITS NOTES TO EVIDENCE SUCH
BORROWING, AND PAY SUCH RATE OF INTEREST ON THE SUMS
BORROWED AS SHALL BE AUTHORIZED BY THE RESOLUTION OF THE
CITY COUNCIL; PROVIDED, HOWEVER, THAT ALL SUCH SUMS SO
BORROWED SHALL BE REPAID IN FULL OUT OF THE PROCEEDS OF
THE LOAN, GIFT, OR GRANT AFORESAID

SECTION 113Q. Regulations as to bonds and bond
issues.

(1)    Approval of issue. All proposed bond issues
shall be approved by the Council.

(2)     Form, interest, term, etc. of bonds. Bonds
may be either coupon or registered bonds. All bonds
shall have serial maturities, or have the benefit of a