[Adopted 1-26-1970 by resolution, effective 3-17-1970]
The Town of Edmonston, Maryland, is hereby empowered to borrow money for any proper public purpose and to evidence such borrowing by the issuance and sale of its general obligation bonds.
The Town of Edmonston, Maryland, shall likewise have authority to borrow money in anticipation of the receipt of current taxes and to evidence such borrowing by the issuance and sale of tax anticipation notes, payable as to principal and interest from said taxes when received.
All bonds of the Town of Edmonston shall be authorized by resolution of the Mayor and Town Council of Edmonston which shall contain the following:
A. 
A statement of the public purpose upon which the proceeds of said bonds have to be expended.
B. 
The complete form of said bonds which shall include the place or places and time or times of payment thereof, the rate or rates of interest payable thereon, or a space for the insertion of such rate or rates of interest upon a determination thereof, the title of the officials whose signatures shall be affixed to or printed on said bonds, the authority for issuance thereof, and the taxes and any special revenues from which the principal of and interest on said bonds will be payable.
C. 
If the bonds are sold at public sale after solicitation of competitive bids, the form of the notice soliciting bids for the purchase of said bonds which shall set forth the date, place and time for receiving and opening of bids, and a brief description of the purpose or purposes for which said bonds are to be issued, a brief description of the denominations, maturities, terms and conditions of said bonds, a statement of the rate or rates of interest to be borne by said bonds or the manner of determining the same, a precise statement of the manner in which the best offer for said bonds will be determined and a reference to the resolution authorizing the same. Said notice of sale may also require the prospective purchasers to submit bids on specified forms, may require such prospective purchasers to accompany their bids with good faith deposits in specified amounts, may make appropriate provisions for approval of legality of such bonds, and may contain a financial statement of such municipal corporation.
The foregoing provisions which may be included in such a notice of sale may also be separately set forth in a circular or official statement, the form of which shall likewise be adopted by a resolution or ordinance of the Town of Edmonston.
D. 
Specific provision for the appropriation and disposal of the proceeds of the sale of any such bonds and any specific provision for the payment of the principal thereof and the interest thereon, which provision shall specify the source or sources of payment, and shall constitute a covenant binding the Town of Edmonston to provide the funds from such source or sources as and when said principal and interest shall be due and payable.
E. 
Municipal bonds or notes may be sold for any public purpose by private negotiated sale without advertisement or publication of notice of sale or at public sale after solicitation of competitive bids, as determined by the resolution or ordinance authorizing the issuance of the bonds or notes.
F. 
(1) 
Any public sale of municipal bonds or notes may be held only after one (1) or more insertions of a notice of the sale in either a newspaper of general circulation in the town or a publication having a circulation primarily among the investment and financial community.
(2) 
The first insertion of the notice of sale shall be published at least ten (10) days before the date fixed for the sale.
G. 
(1) 
Municipal bonds or notes issued under this subsection may be sold or redeemed for a price or prices which may be at, above or below the par value of the bonds or notes, as provided in the authorizing resolution or ordinance.
(2) 
The resolution or ordinance that authorizes the municipal bonds or notes may provide for prior redemption of the bonds or notes.
(3) 
Municipal bonds or notes may be issued, sold and delivered on such terms and conditions, including fixed or variable rate or rates of interest or method of determining interest rate or rates, as provided in the authorizing resolution or ordinance.
H. 
Municipal bonds or notes may be issued for either cash or other valuable consideration.
I. 
The official signatures and seals affixed to any municipal bonds or notes may be imprinted in facsimile.
J. 
The town may enter into agreements with agents, banks, fiduciaries, insurers or others for the purpose of enhancing the marketability of or as security for the bonds or notes and for securing any tendered option granted to holders.
[As amended by Resolution 90-CR-001 of the Mayor and Town Council 12-10-1990]
Each such resolution shall be adopted by the Mayor and Town Council of the Town of Edmonston by a majority vote of the Mayor and the Council members, and it shall not be necessary to submit any such resolution to a referendum of voters unless such resolutions shall so provide. Each such resolution may contain such other provisions, not inconsistent with this section, as the Mayor and Town Council may deem appropriate.
A. 
During the first six months of any fiscal year, the Town may borrow in anticipation of the collection of the property tax imposed for that fiscal year and may issue tax anticipation notes or other evidences of indebtedness as evidence of such borrowing.
B. 
Such tax anticipation notes or other evidences of indebtedness shall be a first lien upon the proceeds of such tax and shall mature and be paid not later than six (6) months after the beginning of the fiscal year in which they are issued.
C. 
No tax anticipation notes or other evidences of indebtedness shall be issued which will cause the total tax anticipation indebtedness of the town to exceed ten percent (10%) of the property tax imposed for the fiscal year in which the notes or other evidences of indebtedness are issued.
D. 
All tax anticipation notes or other evidences of indebtedness shall be authorized by resolution before being issued.
E. 
The Council shall have the power to regulate all matters concerning the issuance and sale of tax anticipation notes.
[As amended by Resolution 90-CR-001 of the Mayor and Town Council 12-10-1990]
No tax anticipation notes shall be issued which shall mature later than eighteen (18) months from their respective dates of issue, and no bonds shall be issued by the Town which shall mature later than forty (40) years from their respective date of issue.
[As amended by Resolution 90-CR-001 of the Mayor and Town Council 12-10-1990]
The amount of money borrowed by the Town shall not exceed at any one time of total sum of ten percent (10%) of the assessed valuation of all real and personal property in the town appearing on the assessments books of Prince George's County, Maryland.
A. 
The power and obligation of the Town to pay any and all bonds, notes or other evidences of indebtedness issued by it under the authority of this Charter shall be unlimited and the Town shall levy ad valorem taxes upon all the taxable property of the Town for the payment of such bonds, notes or other evidences or indebtedness and interest thereon, subject to the limitations contained in 36 of this Charter. The faith and credit of the Town is hereby pledged for the payment of the principal of and the interest on all bonds, notes or other evidences of indebtedness issued under the authority of this Charter, whether or not such pledge be stated in the bonds, notes or other evidences of indebtedness or in the ordinance authorizing their issuance.
B. 
The funds derived from the sale of bonds or certificates of indebtedness shall be deposited by the Mayor and Town Council at some safe banking institution of the State of Maryland to be determined by them and to be subject to the check of the Town Treasurer only when countersigned by the Mayor and two (2) members of the Town Council. Out of said funds shall be paid only the proper expenses for the negotiation of sale and liquidation of said bonds or certificates of indebtedness.
C. 
All bonds, notes or other evidences or indebtedness validly issued by the Town previous to the effective date of this Charter and all ordinances passed concerning them are hereby declared to be valid, legal and binding and of full force and effect as if herein fully set forth.
[As amended by Resolution 90-CR-001 of the Mayor and Town Council 12-10-1990]