AN ACT TO AMEND THE CHARTER OF THE TOWN OF LAUREL RELATING TO THE POWER TO BORROW MONEY AND ISSUE BONDS.

This Act amends the Charter of the Town of Laurel by authorizing the Town to borrow money from any federal, state, local government, or quasi-government funding source provided such funding: (i) bears no interest on the principal, (ii) requires no principal payments by the Town, and (iii) provides for complete forgiveness (100%) of the principal.