OCEAN CITY                                         2379

follows:

188T. (A) THE TOWN SHALL HAVE THE POWER TO SELL ITS BOND
ANTICIPATION NOTES, IN AGGREGATE AMOUNT NOT GREATER
THAN THE AMOUNT OF THE BONDS IN ANTICIPATION OF THE
SALE OF WHICH SAID NOTES ARE ISSUED AND SOLD, THE
PRINCIPAL OF AND INTEREST ON SAID NOTES TO BE MADE
PAYABLE TO THE BEARER OR REGISTERED HOLDER THEREOF OUT
OF THE FIRST PROCEEDS OF SALE OF SAID BONDS, OR FROM THE
TAX OR OTHER REVENUE WHICH THE TOWN SHALL HAVE
PREVIOUSLY DETERMINED TO APPLY TO THE PAYMENT OF SAID
BONDS AND THE INTEREST THEREON. THE PROCEEDS OF SALE OF
SUCH NOTES, AFTER PAYMENT THEREFROM OF THE EXPENSES OF
THE ISSUANCE THEREOF, SHALL BE EXPENDED ONLY ON THE
PUBLIC PURPOSES FOR WHICH SAID BONDS WILL BE ISSUED,
PROVIDED, HOWEVER, THAT TWELVE (12) MONTHS' INTEREST ON
SAID NOTES, OR ANY RENEWAL THEREOF, MAY BE PAID FROM
SAID PROCEEDS, ACCOUNTING FROM THE INITIAL DATE OF ISSUE
THEREOF. SUCH NOTES SHALL BE AUTHORIZED BY AN
ORDINANCE, WHICH SHALL CITE THIS SECTION AS THE
AUTHORITY FOR SAID NOTES AND THE AMOUNT AUTHORIZED,
SHALL FIX THE MATURITIES, INTEREST RATES OR THE MANNER
OF DETERMINING THE SAME, AND OTHER TERMS OF SUCH BOND
ANTICIPATION NOTES, THE PRICE OR PRICES AT WHICH SAID
NOTES WILL BE SOLD, WHICH MAY BE AT, ABOVE OR BELOW THE
FACE VALUE THEREOF AS PROVIDED BY PUBLIC GENERAL LAW
AND BY THIS CHARTER, AND THE MANNER OF THEIR SALE,
WHICH MAY BE BY PRIVATE NEGOTIATION BY THE TOWN WITH A
PROSPECTIVE PURCHASER OR PURCHASERS IF DEEMED BY THE
COUNCIL TO BE FOR THE BEST INTERESTS OF THE TOWN. SAID
ORDINANCE MAY PROVIDE FOR THE ISSUANCE OF SAID NOTES,
PURSUANT TO SUCH SALE, IN SERIES AS FUNDS ARE REQUIRED,
AND MAY ALSO PROVIDE FOR THE RENEWAL OF SAID NOTES AT
MATURITY WITH OR WITHOUT RESALE. ALL SUCH NOTES SHALL
BE SIGNED, ENDORSED OR GUARANTEED IN THE SAME MANNER
AS SHALL BE PROVIDED BY LAW FOR THE BONDS IN
ANTICIPATION OF WHICH SAID NOTES ARE ISSUED.

(B) NO SUCH BOND ANTICIPATION NOTES SHALL BE ISSUED AND
SOLD HEREUNDER UNLESS THE TOWN SHALL, BY THE
ORDINANCE AUTHORIZING SAID NOTES, COVENANT TO PAY THE
SAME AND THE INTEREST THEREON FROM THE PROCEEDS OF THE
BONDS IN ANTICIPATION OF THE SALE OF WHICH SAID NOTES
ARE ISSUED AND SHALL FURTHER COVENANT TO ISSUE SAID
BONDS WHEN, AND AS SOON AS, THE REASON FOR DEFERRING
THE ISSUANCE THEREOF NO LONGER EXISTS.

Section 2. AND BE IT FURTHER RESOLVED that the date of the adoption
of this Resolution is March 10, 1969, and that the amendment to the Charter of
the Mayor and City Council of Ocean City hereby proposed by this enactment
shall be and become effective on April 29, 1969, unless a proper petition for a
referendum hereon shall be filed as permitted by law. A complete and exact copy
of this Resolution shall be posted in the Town Hall until April 29, 1969,
and a copy of the Title of this Resolution shall be published in a newspaper of
general circulation in Ocean City, Maryland, not less than four (4) times, at
weekly intervals, before April 19, 1969.