4722

MUNICIPAL CHARTERS

SAID CORPORATION SUCH SUM OR SUMS AS IN ITS OPINION MAY
BE NECESSARY FOR SUCH PURPOSES, BUT THE AGGREGATE AMOUNT
OF SUCH SUMS BORROWED UNDER THE AUTHORITY OF THIS SECTION
SHALL AT NO TIME EXCEED ONE HUNDRED TWENTY FIVE THOUSAND
DOLLARS ($125,00.00). IN CASE MONEY IS SO BORROWED, THE
CORPORATION SHALL ISSUE THE PROMISSORY NOTE OR NOTES OR
CERTIFICATE OR CERTIFICATES OF INDEBTEDNESS OF SAID
CORPORATION THEREFOR, TO BE EXECUTED BY THE MAYOR AND THE
CLERK OF GLENARDEN UNDER THE SEAL OF SAID CORPORATION
THERETO AFFIXED AS EVIDENCE OR EVIDENCES OF INDEBTEDNESS
FOR SAID SUM OR SUMS SO BORROWED; AND THE SUM OR SUMS SO
BORROWED AND INTEREST THEREON SHALL BE REPAID FROM TIME
TO TIME AS FUNDS SHALL BECOME AVAILABLE FOR THE PURPOSE
FROM THE FUNDS OF SAID TOWN. THE TERM OF SAID NOTES OR
CERTIFICATES SHALL NOT EXCEED FIVE (5) YEARS. THEY MAY
BE SOLD BY PRIVATE NEGOTIATION, AND THE INTEREST RATE TO
BE APPLIED TO THEM SHALL NOT EXCEED THE MAXIMUM LIMIT AS
SPECIFIED FOR THE SALE OF MUNICIPAL BONDS BY THE
ANNOTATED CODE OF MARYLAND. ANY SHORT TERM NOTE OR
CERTIFICATE OF INDEBTEDNESS EXECUTED PURSUANT TO THIS
SUBSECTION SHALL BE AUTHORIZED BY ORDINANCE BEFORE BEING
ISSUED.

Section 2. That the date of passage of this
Resolution is June 18, 1974, and the amendment of the
Charter of the Town of Glenarden, hereby enacted shall
become effective on August 7, 1974, unless a proper
Petition for Referendum hereon shall be filed as provided
by Section 13 of Article 23A of the Annotated Code of
Maryland (1973 Replacement Volume) and provided a
complete and exact copy of this Resolution shall be
continually posted on the bulletin board of the Glenarden
Municipal Hall, 8600 Glenarden Parkway, Glenarden,
Maryland until July 28, 1974, and provided further that a
full summary of the proposed amendment shall be published
in the Enquirer Gazette, a newspaper of general
circulation in the Town of Glenarden, not less than four
times at weekly intervals prior to July 28, 1974.

Section 3. That the Mayor of the Town of Glenarden
is hereby specifically directed to carry out the
provisions of Section 2 hereof regarding the giving of
notice by posting and publication of this Resolution, and
as evidence of said compliance, the Clerk to the Mayor
and Council shall caused to be affixed to the Minutes of
this meeting a certificate of such posting and of such
publication, and the Mayor, if there be no Petition for
Referendum, shall declare the Charter Amendment hereby
made to be effective on the date herein provided for,
which is August 7, 1974, by affixing his signature hereto
in the space provided below the effective date hereof.

Section 4. That if a proper Petition for Referendum
on the Charter Amendment herein proposed is filed, the
Mayor and other proper officials of the Town of Glenarden