4688

MUNICIPAL CHARTERS

account or accounts and under such rules and regulations
as the Council shall prescribe.

(7)    Effect of Article 43 of Annotated Code of
Maryland. No provision or limitation contained in this
Charter shall apply to or affect the issuance and sale of
bonds by the City pursuant to the provisions of Article
43 of the Annotated Code of Maryland, title "Health", or
any amendments thereto.

(8)    Payment, effect, terms, conditions, security,
etc. of revenue bonds. Revenue bonds issued and sold by
the City of Fruitland, whether or not the full faith and
credit of the City has been pledged, shall be made
payable, both as to principal and interest, solely from
the income, rentals, proceeds, revenues, and funds of the
City derived from the particular project, undertaking, or
property in connection with which such bonds were
authorized and issued, except that payment of such bonds,
both as to principal and interest, may be further secured
by the pledge of any part or all of any taxes in the form
of special assessments upon property in a limited and
determinable area connected or associated with or
specially benefited by the particular project,
undertaking or property, or by a mortgage of all or any
part of such particular project, undertaking or property,
if title thereto is held by the City; and except that, in
case of an issuance of revenue bonds for constructing,
improving, equipping and acquiring parking facilities of
every type and description (which facilities may include
roads, streets, runways, waterways and bridges
facilitating the movement of all traffic in the vicinity
of parking areas), such ordinance and any trust indenture
or mortgage executed pursuant thereto, shall establish
the security for such revenue bonds, which security may
include in addition to other security permitted by law
(1) the assignment and pledge, in whole or in part, of
rates, rentals, fees, charges or other revenues, then
being or thereafter to be received by the City from
parking facilities, including but not limited to
collections from parking meters on public thoroughfares,
and (2) an agreement by the City to pay any deficiency
in the debt service requirements of such revenue bonds
for any year in which there is a deficit, provided that
any such payment under any agreement or agreements shall
not exceed by shall be limited and restricted to the sum
which would be received from a tax of two cents per
hundred dollars on the assessable basis of the City for
any one year. In addition, the City may enter into a
trust agreement or trust indenture with any bank or trust
company authorized to do business in Maryland, and may
make in such instrument such covenants and commitments as
may be required by any purchaser for the adequate
security of said revenue bonds. Revenue bonds issued