5850                                      MUNICIPAL CHARTERS

[Section C-719 of the Charter of Ocean City, Worcester
County, added.

Effective Date July 7, 1981]

MAYOR AND CITY COUNCIL
OF OCEAN CITY, MARYLAND

CHARTER AMENDMENT RESOLUTION NUMBER 1981-4

RESOLUTION NUMBER 1981-4

RESOLUTION of the Mayor and City Council of Ocean City,
Maryland, adopted pursuant to the authority of Article 11E
of the Constitution of Maryland and Section 13 of Article
23A of the Annotated Code of Maryland (1981 Replacement
Volume), Title "Corporations - Municipal", Subtitle - "Home
Rule", to amend the Charter of Ocean City, Maryland, (1972
Edition, as supplemented), said Charter constituting
Sections 170 to 208 of the Code of Public Local Laws of
Worcester County (1961 Edition, as amended, being Article 24
of the Code of Public Local Laws of Maryland) so as to add a
new Section C-723 to Title VII - "Finances" of said Charter
relating to the issuance and sale of revenue bonds, notes
and other evidences of indebtedness of the Town; authorizing
the Mayor and City Council of Ocean City to borrow money to
finance undertakings for the accomplishment of any of the
purposes, objects and powers of the Mayor and City Council
of Ocean City and, in connection therewith, to issue bonds,
notes or other evidences of indebtedness; providing that the
principal of and interest on such bonds, notes or other
evidences of indebtedness shall be payable solely from and
secured solely by a pledge of the revenues arising out of or
in connection with the project whose financing is undertaken
by issuance of said bonds, notes or other evidences of
indebtedness and any and all transactions relating thereto;
providing that all such bonds, notes or other evidences of
indebtedness shall not be general obligations of or a pledge
of or involve the faith and credit of the Town, and shall
never constitute an indebtedness or a charge against the
general credit or taxing powers of the Town within the
meaning of any constitutional, statutory or charter
provision limiting or restricting the issuance or sale of
bonds, notes or other evidences of indebtedness of the Town,
and shall never constitute or give rise to- any pecuniary
liability of the Town; providing that such bonds, notes or
other evidences of indebtedness shall be issued by the Mayor
and City Council of Ocean City pursuant to an ordinance
without the necessity of submitting the question of such
issuance to a referendum of the qualified voters of the Town
for approval or disapproval; providing that any such
ordinance may prescribe, among other things, the form,
tenor, terms, provisions, conditions, manner or method of