HARRY HUGHES, Governor 3505

other evidences of indebtedness therefor in such sums, for such
purposes, on such terms and payable at such times, and from such
taxes or other sources as may have been or may be provided by or
pursuant to local law, subject to any limitations imposed by the
charter adopted by the county and to the following limitations:

(i) The aggregate amount of bonds and other
evidences of indebtedness outstanding at any one time shall not
exceed 15 per centum upon the assessable basis of the county,
except that (a) tax anticipation notes or other evidences of
indebtedness having a maturity not in excess of 12 months, (b)
bonds or other evidences of indebtedness issued or guaranteed by
the county payable primarily or exclusively from taxes levied in
or on, or other revenues of, special taxing areas or districts
heretofore or hereafter established by law, and (c) bonds or
other evidences of indebtedness issued for self-liquidating and
other projects payable primarily or exclusively from the proceeds
of assessments or charges for special benefits or services, shall
not be subject to, or be included as bonds or evidences of
indebtedness in computing or applying, said 15 per centum
limitation.

(ii) Any local law authorizing the borrowing of
money or issuance of bonds or other evidences of indebtedness
shall be submitted to the registered voters of the county for
approval or rejection, if a petition for such submission is filed
pursuant to the provisions of the charter and local laws of the
county. If the charter contains no such provisions, any local law
authorizing the borrowing of money or issuance of bonds or other
evidences of indebtedness shall be submitted to the registered
voters of the county for approval or rejection, if a petition for
such submission, bearing the signatures of 10 per centum or more
of such voters, is filed with the board of supervisors of
elections of the county within 75 days after the enactment of
such local law.

(2) TO PROVIDE FOR THE ISSUANCE OF BONDS OR OTHER
EVIDENCES OF INDEBTEDNESS PAYABLE AS TO PRINCIPAL AND INTEREST
AND PREMIUM, IF ANY, SOLELY FROM THE FUNDS OR REVENUES RECEIVED
FROM ANY STRUCTURE, FACILITY, PROJECT, OR UNDERTAKING, WHICH MAY
NOT CONSTITUTE AN INDEBTEDNESS OF THE COUNTY OR A PLEDGE OF ITS
FAITH AND CREDIT OR TAXING POWER. THE BONDS OR OTHER EVIDENCES
OF INDEBTEDNESS ISSUED UNDER THIS PARAGRAPH MAY NOT BE SUBJECT TO
THE LIMITATIONS UNDER PARAGRAPH (1). THIS SUBSECTION MAY NOT BE
CONSTRUED AS A LIMITATION ON THE POWER OF A COUNTY TO ISSUE
REVENUE BONDS UNDER THE PROVISIONS OF ANY APPLICABLE GENERAL LAW.

(2) TO PROVIDE FOR THE ISSUANCE OF BONDS OR OTHER
OBLIGATIONS PAYABLE AS TO PRINCIPAL AND INTEREST AND PREMIUM, IF
ANY, SOLELY FROM THE FUNDS OR REVENUES RECEIVED FROM OR IN
CONNECTION WITH ANY SYSTEM, PROJECT, OR UNDERTAKING, ALL OR PART
OF WHICH IS FINANCED FROM THE PROCEEDS OF SUCH BONDS OR
OBLIGATIONS. BONDS OR OBLIGATIONS ISSUED UNDER THIS PARAGRAPH DO
NOT CONSTITUTE AN INDEBTEDNESS OF THE COUNTY OR A PLEDGE OF ITS
FAITH AND CREDIT OR TAXING POWER, MAY BE SOLD AT PRIVATE