102 LAWS OF MARYLAND [CH. 52

CHAPTER 52
(Senate Bill 176)

AN ACT to authorize and empower the Mayor and City
Council of Ocean City to borrow on its faith and credit
a sum or sums of money not exceeding seventy-five
thousand dollars ($75, 000. 00) in the aggregate and to
evidence said borrowing by the issuance of its general
obligation serial maturity coupon bonds in par amount
equal to the amount of the borrowing, payable as to
principal and interest from the proceeds of receipts from
the Maryland Racing Commission and water rents col-
lected in said municipality to the extent available, and
to the extent of any deficiency in said proceeds for that
purpose then from the proceeds of ad valorem taxes
levied, without limitations as to rate or amount, on all
assessable property in said municipality, notwithstand-
ing any other statutory tax limitation, and to use the
money so borrowed for extensions of municipal water
mains, improvements to the municipal water system and
improvements to municipal sewerage disposal plant and
the erection of a public rest room, the exercise of author-
ity hereby conferred to the subject, however, to approval
by the qualified voters of said municipality by
referendum.

SECTION 1. Be it enacted by the General Assembly of Maryland,
That to enable the Mayor and City Council of Ocean City,
a body politic and corporate of the State of Maryland,
hereinafter referred to as the City, to finance extensions
of water mains in said City, improvements of the munici-
pal water system, improvements to municipal sewerage
disposal plant and erection of a public rest room, the said
City is hereby authorized and empowered, at one time and
from time to time, to borrow a sum or sums of money not
exceeding seventy-five thousand dollars ($75, 000. 00) in
the aggregate, and to evidence said borrowing by the
issuance of its general obligation serial maturity coupon
bonds, subject, however, to the limitations and conditions
hereinafter imposed.

SEC. 2. And be it further enacted, That before borrow-
ing or contracting to borrow any funds or issuing any

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EXPLANATION: Italics indicate new matter added to existing law.

[Brackets] indicate matter stricken from existing law.
CAPITALS indicate amendments to bill.
Strike out indicates matter stricken out of bill.