At a meeting held on December 9, 2014, the Mayor and Council of the Town of Lonaconing adopted Ordinance No. 03-2014, a fair summary of which follows: ORDINANCE NO. 03-2014 AN ORDINANCE of the Council of the Town of Lonaconing (the Council) to authorize and empower The Town of Lonaconing (the Town) to borrow not more than $668,000 for the public purpose of financing a portion of the costs of water system improvements for the Town and its environs, and to evidence such borrowing by the issuance and sale, upon its full faith and credit, of its general obligation bonds, notes or other evidences of indebtedness (the Interim Note) in like par amount; empowering and directing the Council to levy ad valorem taxes in rate and amount sufficient to provide funds for the payment of the maturing principal of and interest on the Interim Note as and when any other revenues provided for the payment thereof are or will be insufficient for such purposes, and pledging the Towns full faith and credit and unlimited taxing power; and generally relating to the issuance and sale of the Interim Note.
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