CHAPTER 3
FINANCE AND PURCHASING
Article 1. Financial Matters
3-101 Fiscal Year
3-102 Date for Submission of Budget
3-103 Assessment for Benefits, Services, Etc.
3-104 HDC Tax Credit
3-105 Salaries of Commissioners
3-106 Fees for Special Events Held on Town Property
Article 2. Parking Projects Fund
3-201 Establishment of Parking Projects Fund
3-202 Purpose and Function of Specific Accounts
Article 3. The Sewer Fund
3-301 Establishment of Sewer Fund
3-302 Revenues and Expenditures and Working Capital
Article 4. Investments
3-401 Maryland Local Government Investment Pool
Article 5. Parking Facilities Bond Anticipation Notes
3-501
3-502
3-503
3-504
3-505
3-506
3-507
3-508
3-509
3-510
3-511
3-512
3-513
3-514
Article 1. Financial Matters
Section 3-101. Fiscal Year
The fiscal year of the Town of Bel Air shall begin on the first day of July and shall end on the last day of June in each year.
Section 3-102. Date for Submission of Budget
The Town Administrator shall prepare and submit to the Board of Town Commissioners a proposed budget in accordance with the provisions of Article VII, Section 702(a) of the Charter of the Town of Bel Air.
Section 3-103. Assessment for Benefits, Services, Etc.
Whenever the Board of Town Commissioners shall provide any special service, benefit or improvement to or for any real property within the Town, shall abate any nuisances existing on property at the Town's expense or shall remove prohibited objects from such real property or from any street, road, alley or sidewalk on which such property abuts at the Town's expense, then the value of such service, benefit or improvement or the cost of such abatement or removal may be assessed, levied or charged to the owner of such property and shall be a lien upon such property and may be collected in the same manner as the taxes of the Town are collected.
The method of collection provided in this Section shall be in addition to and not in substitution for any methods of collection now provided
Section 3-104. HDC Tax Credit
- Subject to the provisions of this section there shall be allowed a tax credit on Town real property taxes based upon the amount expended by a private owner-taxpayer for restoration and preservation of any structure having historic or architectural value which is located within any historic district and/or site designated by the Historic Preservation Commission. The tax credit shall be limited to those expenses having to do with exterior features of a structure only, which includes appurtenances and environmental settings and not to expenses relating to the interior of a structure which are not subject to the jurisdiction of the Historic Preservation Commission. The tax credit shall be in an amount equal to ten percent (10%) of the owner’s expense for such restoration and preservation, as indicated by properly documented receipts.
- There shall be allowed a tax credit on Town real property taxes based upon the amount expended by an owner-taxpayer for new construction adjacent to and architecturally compatible with any structure having historic or architectural value which is located within any Historic District and/or site designated by the Historic Preservation Commission. The tax credit shall be in an amount equal to five percent (5%) of the owner’s expense of the cost of construction of an architecturally compatible new structure, as indicated by properly documented receipts.
- The tax credits referred to herein shall be allowed for the Town tax year immediately subsequent to the year in which the restoration or preservation work is completed, and any unused portion of this tax credit may be carried forward to subsequent tax years, not to exceed five (5) tax years.
- Application for the tax credit referred to in this section shall be submitted with the Certificate of Approval application and shall be made at the time that the application is made for the building permit. At the time, the Historic Preservation Commission takes action on the application for the Certificate of Approval for the work to be done, it shall also make a determination whether the proposed work is eligible for the tax credit provided for in this Section, and shall also determine whether the structure has historic or architectural value within the meaning of Section 9-204 of the Tax-Property Article of the Annotated Code of Maryland, as amended. It is the intent of this Section that the Historic Preservation Commission be liberal in such determination. The tax credit application shall not be finally approved until final inspection and approval of the work by the Historic Preservation Commission or its designated staff, and until the receipts required by this section have been filed with the Historic Preservation Commission, accompanied by the oath or affirmation of the owner-taxpayer, on such forms prescribed by the Commission, that the receipts are those for the actual expenditures in connection with the restoration and preservation of the structure.
- Notwithstanding any provision in this section to the contrary, no tax credit shall be allowed for any restoration or preservation work, which has not been reviewed and approved in advance by the Historic Preservation Commission.
- The Historic Preservation Commission shall deny the credit if any aspect of the restoration and preservation work, or new construction is not done in accordance with the Town of Bel Air Historic Preservation Commission Design Guidelines for Rehabilitation, Maintenance and New Construction.
- The approved application in the amount determined by the Historic Preservation Commission shall be forwarded to the Town Finance Department to be acted upon.
Section 3-105. Salaries of Commissioners
The salaries of the Commissioners and Chair of the Board of Town Commissioners shall be $4,800 and $6,000 per year, respectively.
Section 3-106 Fees for Special Events Held on Town Property The Board of Town Commissioners shall exercise its authority to designate by resolution, fees for special events held on Town property. Exemptions to the Fees shall also be designated by resolution.
Article 2. Parking Projects Fund
Section 3-201. Establishment of Parking Projects Fund
- A fund entitled "Parking Projects Fund" is hereby established for the purpose of receiving and aggregating funds which shall be used for the development and management of off-street parking in the downtown area. The fund shall be accounted for in accordance with generally accepted accounting principles as applicable to enterprise funds.
- The Bel Air Board of Town Commissioners shall be the Trustees of the Parking Projects Fund.
Section 3-202. Purpose and Function of Specific Accounts
The Parking Projects Fund's equity shall consist of two (2) separate reserve accounts each of which shall serve a specific purpose and function as follows:
a. Development Account
Purpose: This account shall be expended exclusively for capital improvements to Town-owned off-street parking lots or structures, included but not limited to, the purchase of land, paving, drainage, parking meters, safety and control devices, maintenance and operation and multi-deck construction.
Allocation of Monies: The Board of Town Commissioners shall have the Authority to allocate monies to the Development Account from Town of Bel Air revenue sources, including but not limited to, real property taxes, grants, special assessments, gifts, donations, revenue surpluses and proceeds from the sale of Town obligations.
Bond Proceeds: All monies derived from the sale of general obligation bonds, revenue bonds, bond anticipation notes or other obligations of the Town of Bel Air shall be placed in the Development Account to the extent that such monies have been appropriated for the purpose of said Account.
Investment of Monies: Monies allocated to the Development Account may be invested only in obligations of the United States or State of Maryland or in interest bearing accounts of financial institutions insured by the United States for the State of Maryland and all income derived from such investments shall be added to said account and shall be used for no other purpose, except that all interest from the temporary investment of money derived from the sale of bonds, bond anticipation notes or other obligations of the Town shall be placed in the Debt Service Account as established herein.
b. Debt Service Account
Purpose: This account shall be expended exclusively for debt service on bonds or obligations of the Town issued for development of off-street parking so long as the interest and principal of such obligations shall be outstanding.
Allocation of Monies: There shall be paid into the Debt Service Account the following monies:
1) all interest earned by the temporary investment of money derived from the sale of bonds or obligations of the Town issued for the development of off-street parking.
2) all parking revenues of the Town whether derived from parking meters, fines, leases, fees or any other source.
3) general tax revenues of the Town intended to be expended for debt service on bonds or obligations of the Town issued for the development of off-street parking.
Investment of Monies: Monies allocated to the Debt Service Account may be invested only in obligations of the United States or State of Maryland or in interest bearing accounts of financial institutions insured by the United States or the State of Maryland and all income derived from such investments shall be added to said account.
Non-Arbitrage: In all events, at least once a year the amounts in the Debt Service Account will be depleted to an amount not greater than 1/12th of annual debt service on the bonds, any money deposited in the Debt Service Account will be spent within a 13-month period beginning on the date of deposit, and any amount received from investment of monies held in the Debt Service Account will be spent within a 1-year period beginning on the date of receipt. In the event that amounts in excess of those permitted in the immediately preceding sentence shall remain in the Debt Service Account, such excess amounts will be transferred to the General Fund of the Town where such amounts will be commingled with tax and other revenues of the Town.
c. Parking Impact Fees Account
Purpose: This account shall contain monies, to be known as in-lieu-of fees, collected from property owners in the Town Center Overlay District, defined in the Town of Bel Air, Maryland, Development Regulations. These fees are paid by the property owners in lieu of providing off-street parking required by the Development Regulations.
Establishment of Fees: The amount of the in-lieu-of fee shall be established by resolution of the Board of Town Commissioners and shall be changed at such time as the Board deems necessary.
Use and Investment of Funds: Monies deposited in this account shall be invested only in interest-bearing accounts of financial institutions insured by the United States or the State of Maryland. Separate sub-accounts shall be maintained in the name of each depositor to facilitate the accounting of interest. All income derived from such investments shall be deposited in this account. The proceeds of this account shall be used exclusively to develop parking improvements which serve properties located in the Town Center Overlay District.
Collection of Fees: In-lieu-of parking fees shall be collected from property owners located in the Town Center Overlay District only if buildings are expanded or a use is changed so as to require additional parking. In that event, fees will be collected at the time of building permit application and only for those parking spaces required for expansion or change of use. Fees may be paid in lump sum or in annual payments over a 10-year period.
Refund of Fees: If fees deposited in this account are not used for the designated purpose within 10 years of collection, such fees are to be refunded to the person or persons who actually contributed them or to that person's successors, heirs or assigns. Any refunds shall include interest actually received by the Town on monies contributed and invested over the 10-year period.
Article 3. The Sewer Fund Section 3-301. Establishment of Sewer Fund
(a) A fund entitled "Sewer Fund" is hereby established for the purpose of receiving and aggregating funds which shall be used to defray all sewer system operations, maintenance, replacement and capital improvement costs presently recorded in the General Fund at this time and all other necessary costs which may be incurred in the future.
(b) The Bel Air Board of Town Commissioners shall be the governing body of the Sewer Fund and shall periodically review and establish the revenues, expenditures and/or net income as appropriate for accountability, capital maintenance, public policy, management control and other purposes. All accounts shall be maintained in accordance with the generally accepted accounting principles of enterprise fund accounting.
Section 3-302. Revenues and Expenditures and Working Capital
(a) The Board of Town Commissioners shall establish the type of revenues necessary to meet the established sewer service operational, maintenance and capital improvements and replacement costs. Types of revenues shall include, but not be limited to: sewer service user charges, sanitary sewer connection charges and other charges as deemed necessary. All rates, charges and fees shall be established by ordinance.
(b) The Board of Town Commissioners shall have the authority to appropriate monies collected from the above listed revenues for the purpose of meeting sewer service expenditures including, but not limited to: salaries, sewage treatment costs, utility charges, miscellaneous supplies, equipment maintenance, computer and water data expenses, overhead and contingency expenses, allocated Administrative and Public Works salaries, related payroll burdens, related sewer service expenses allocated from the General Fund, capital outlay expenses and all sanitary sewer capital improvement expenses, as well as the annual equivalent area connection charge payments to Harford County per contractual obligation. With the exception of the allocated salaries, payroll burden and expenses related to sewer fund services, no other general fund expenditure will be funded by the Sewer Fund.
Article 4. Investments
Section 3-401. Maryland Local Government Investment Pool
The Board of Town Commissioners grant the authorization for the Town's participation in the Maryland Local Government Investment Pool as an alternative to the Town's investment program.
Article 5. Parking Facilities Bond Anticipation Notes
Section 3-501.
Acting on the authority of the Bond Enabling Act, the Town hereby determines that it is necessary to borrow money and incur indebtedness for the purpose of financing in whole or in part, the acquisition of land and construction of improvements thereon consisting of certain parking facilities, hereinafter further described, within the geographical limits of the Town, and for the payment of architects' and other professional fees in connection therewith (collectively, the "Parking Projects"). It is hereby estimated and determined that the cost of the Parking Projects will be not less than Seven Hundred Fifty Thousand Dollars ($750,000), and that the Parking Projects are to be financed, to the extent of Seven Hundred Fifty Thousand Dollars ($750,000) from the net proceeds of the sale of Seven Hundred Fifty Thousand Dollars ($750,000) principal amount of bond anticipation notes hereinafter authorized by this Ordinance, as follows:
A. The Town shall expend at least Five Hundred Eighty Thousand Dollars ($580,000) of bond anticipation note proceeds for parking lot land acquisition in the central business district as defined by the Town Center Concept Plan presently on file at the Town Planning Department. The Board of Town Commissioners of the Town (the "Board") desires to act upon the recommendation of its Community Development Commission to purchase parcels of real estate for public parking in the central business district. At present, the Town has under contract one parcel to be conveyed on January 15, 1982, at a price of Three Hundred Thousand Dollars ($300,000). In addition, the Board has under consideration and is actively reviewing five other parcels for prospective purchase. Within two years from the date of this Ordinance, the Town shall acquire approximately two acres of real estate in the central business district to accommodate at least 200 parking spaces and shall expend at least Five Hundred Eighty Thousand Dollars ($580,000) of the proceeds realized from sale of the bond anticipation notes hereinafter authorized by this Ordinance, upon such real estate acquisition.
B. Within two years from the date of this Ordinance, the Town shall expend at least One Hundred Forty-five Thousand Dollars ($145,000) of the proceeds realized by the sale of the bond anticipation notes authorized by this Ordinance, in order to clear, pave, meter and otherwise improve the parcels of real estate consisting of approximately two acres, acquired for public parking as outlined in paragraph A above.
C. Within two years from the date of this Ordinance, the Town shall expend the sum of Ten Thousand Dollars ($10,000) realized from the sale of bond anticipation notes authorized by this Ordinance to improve existing public parking facilities.
D. Within two years from the date of this Ordinance, the Town shall expend at least Fifteen Thousand Dollars ($15,000) of the proceeds realized by sale of the bond anticipation notes authorized by this Ordinance, in order to meet expenses necessary to issue such bond anticipation notes and expenses necessary in order to issue the bond which shall finally finance said land acquisition, parking lot construction and improvements as outlined in paragraphs A, B and C above.
Section 3-502.
For the purpose of paying, on the date of maturity, the principal of and interest of the bond anticipation notes hereinafter authorized by this Ordinance, and for the purpose of permanently financing all or a part of the costs of the Parking Projects described in Section 30501 hereof, the Town hereby covenants that it shall, on or before the date which is two (2) years following the date of the Notes (as hereinafter defined), borrow money and incur indebtedness, in an amount not less than that necessary (together with any other funds legally available for the purpose) for the payment of the total principal of and interest on the Notes maturing and due on that date, by the issuance of its general obligation bonds (the "Bonds"), pursuant to the authority of the Bond Enabling Act, such Bonds to constitute an irrevocable pledge of the full faith and credit and unlimited taxing power of the Town to the payment of the maturing principal of and interest on such Bonds when due, said payment to be secured by the levy of ad valorem taxes upon all property subject to assessment for municipal taxation within the corporate limits of the Town in rate and amount sufficient for said payment, and the Bonds be in such form, to bear such designation, date, maturity schedule, interest rate or rates, media of payment, method of sale and other terms, conditions and provisions governing the issuance, sale and delivery of such Bonds, and to be executed, sealed and attested as the Town shall, by supplemental ordinance or resolution, fix and determine.
Section 3-503.
It is hereby determined that the Town shall borrow money and incur indebtedness in order to finance all or a part of the amount needed to finance the Parking Projects described in Section 3-501 of this Ordinance. To evidence such borrowing or indebtedness and acting pursuant to the authority of the Note Enabling Act, the Town shall issue and sell, upon its full faith credit and unlimited taxing power, Seven Hundred Fifty Thousand Dollars ($750,000) of the negotiable bond anticipation notes of the Town, said issue of notes to be known as "Town of Bel Air Parking Facilities Bond Anticipation Notes of 1981" or, if issued after December 31, 1981, to be known as "Town of Bel Air Parking Facilities Bond Anticipation Notes of 1982" (in either case, the "Notes"), the net proceeds of such sale to be used to finance, in whole or in part, the Parking Projects described in Section 3-501 hereof.
Section 3-504.
The Notes shall be dated as hereinafter provided, shall be payable to the registered owner thereof, as hereinafter provided, shall be in the denomination of Twenty-Five Thousand Dollars ($25,000) or any multiple thereof, and shall be appropriately numbered from No. R-1 upwards.
Section 3-505.
The Notes shall be subject to redemption on or after the date which is one (1) year following the date of the Notes, and prior to maturity, without premium, at the option of the Town, upon fifteen (15) days' written notice to the registered owner or owners thereof and upon payment of the principal amount thereof and interest due to the date of redemption.
Section 3-506.
The Notes shall be issued and sold on the full faith and credit and unlimited taxing power of the Town, shall bear interest at the rate or rates per annum to be determined as hereinafter provided and such interest shall be payable semi-annually commencing on the date which is six (6) months following the date of the Notes and continuing until and including the date of maturity of the Notes, which shall be on the date which is two (2) years from the date of the Notes or on the date of redemption. The Notes shall be executed in the name of the Town and on its behalf by the manual signature of the Chairman of the Board and shall be attested by the Town Clerk and the corporate seal of the Town shall be imprinted thereon. The Notes shall be transferable only upon the registration books kept for that purpose in the office of the Town Clerk in Bel Air, Maryland, hereby designated as Note Registrar, by the registered owner thereof in person, or by his attorney duly authorized in writing, upon surrender thereof together with a written instrument of transfer satisfactory to the Note Registrar duly executed by the registered owner or his duly authorized attorney and thereupon a new registered note or Notes, of authorized denomination, shall be issued to the transferee in exchange therefore. Any exchanges of Notes shall be subject to the payment of taxes and any other expenses incident to such exchange by the holder of such Note requesting such exchange. Numbers of Notes issued in exchange for any of the Notes originally issued shall begin with the number following the last number of the Notes originally issued.
Except as provided hereinafter or in ordinances of the Town adopted prior to the issuance of the Notes, the Notes shall be in substantially the following form, which form, and all of the covenants and conditions therein contained, are hereby adopted by the Town as and for the form of obligations to be incurred by the Town, and said covenants and conditions are hereby made binding upon the Town, including the promise to pay therein contained:
Section 3-507.
The Town hereby determines that it will be in the best interest of the Town to sell the Notes at private, negotiated sale. Accordingly, the Notes be and they are hereby authorized to be sold at private sale to Baker, Watts & Co., Baltimore, Maryland (the "Purchaser"), for resale to sophisticated investors, upon the terms and conditions set forth in this ordinance, for the sum of Seven Hundred Fifty Thousand Dollars ($750,000), the par value of the Notes (plus an amount equal to the accrued interest on the Notes to the date of payment of the purchase price). The principal of the Notes shall be payable at the office of the Town Clerk in Bel Air, Maryland. The interest on each of the Notes shall be payable to the registered owner of each Note by check or draft mailed to such registered owner at his address as it appears on the note registration books kept by the Town Clerk.
The Notes shall bear interest at such rate per annum, shall be dated, shall bear such dates of payment of interest and maturity and shall be subject to redemption after such date as may be determined by negotiation between the Purchaser and the Town Administrator and approved by resolution of the Board adopted at the time of sale, which shall be during the period from December 14, 1981 to January 31, 1982. It is the intention of the Town that the Notes be offered for investment purposes only and not for resale to the general public. Accordingly, as a condition to the delivery of any of the Notes to any purchaser thereof, such purchaser shall deliver to the Town a certificate in form satisfactory to counsel for the Town representing that such Notes are being purchased either for investment purposes only or for resale to institutional lenders or other sophisticated investors and not for resale to the general public and acknowledging that such purchaser has conducted its own independent investigation of the financial condition of the Town and all other matters deemed by such purchaser to be relevant to the purchase of such Notes.
Section 3-508.
The Notes shall be suitably printed, typewritten or otherwise duplicated and delivered to the Purchaser in accordance with the following conditions of delivery. Upon payment of the amount of the purchase price, together with accrued interest, the Notes will be delivered, within a reasonable time, upon due notice to the Purchaser, in Baltimore, Maryland or Baltimore, Maryland. The proceeds of the sale of the Notes after the deduction of all expenses relating to the issuance and sale of the Notes, including all fees paid by the Town for financial advice or legal counsel, shall be paid to the Town Administrator, acting in the capacity of the Treasurer of the town (the "Administrator"). The Administrator shall deduct from such proceeds an amount sufficient to pay all interest which shall be due and payable on the Notes from their date of issuance up to and including the date of their delivery which amount shall be deposited by the Administrator into a separate account designated "Parking Projects Fund -Debt Service Account" (the "Debt Service Account"). The remaining proceeds from the sale of the Notes shall be deposited by the Administrator into a separate account designated "Parking Projects Fund - Development Account" (the "Development Account"). All disbursements from the Development Account shall be made by the Administrator only in payment for the purposes described in Section 3-501 hereof. For purposes of this ordinance, the term "construction costs" shall include all costs and expenses incurred by the Town for the land purchase, paving, drainage, parking meters, safety and control devices and multi-deck construction of the Parking Projects, including all costs and expenses for such Parking Projects incurred prior to the date of enactment of this ordinance, which costs and expenses may have been paid from other funds of the Town. The Administrator shall disburse from the Development Account amounts sufficient to reimburse other funds and accounts of the Town for monies advanced to pay costs and expenses of the Parking Projects incurred prior to the date of enactment of this Ordinance. The Administrator shall develop and utilize accounting procedures with regard to both of said accounts adequate to ensure the audit ability of the disposition of all monies from said accounts from time to time and to ensure that the proceeds from the sale of the Notes shall be disbursed only as herein provided.
Section 3-509.
Pending expenditure as aforesaid, the proceeds of the Notes shall be invested by the Administrator in the manner and pursuant to the authority of Section 22 of Article 95 of the Annotated Code of Maryland (1979 Replacement Volume and 1980 cumulative Supplement), as the same may be amended from time to time. All interest earned on such investments shall be credited to the Debt Service Account provided for in Section 3-508 hereof.
Section 3-510.
The Town covenants to use its best efforts to issue and sell the Bonds at or before the stated maturity date of the Notes, at either public sale or privately negotiated sale, pursuant to the authority of the Bond Enabling Act or the Town Charter, in face amount sufficient to pay the principal of the Notes then outstanding and all interest on the Notes for which there are insufficient funds in the Debt Service Account to pay such accrued interest and the Town covenants to pay the Notes, and any interest thereon not paid from the proceeds of the Notes from the proceeds of the Bonds, in anticipation of which the Notes are issued. The Town further covenants to issue the Bonds when, and as soon as, the reason for deferring their issuance no longer exists.
Section 3-511.
If, for any reason, the Town shall be unable to market the Bonds pursuant to the Bond Enabling Act or the Town Charter as provided herein, or if the Town shall be unable to market its general obligation bonds in an amount which, together with all monies then in the Debt Service Account, shall be sufficient to pay the face amount of the Notes and all accrued interest thereon, the Town covenants to pay the Notes as therein provided.
The Town covenants that so long as the Notes remain unpaid it shall deposit funds in the Debt Service Account sufficient to pay the principal of and interest on the Notes as such payments become due and that if the monies in the Debt Service Account shall, at any time, be insufficient to make such payments or principal and interest, then the Town covenants and agrees to fix and collect parking charges for use of the parking facilities of the Town sufficient in amount so that the net proceeds of the parking charges of the Town shall be sufficient to pay such principal and interest as they become due. the Town hereby pledges the net proceeds of the parking charges of the Town to the payment of the principal and interest due on the Notes, which pledge shall give the holder(s) of the Notes a claim to such proceeds prior to the claim of any persons except for the holders of any bonded indebtedness of the Town previously incurred by the Town pursuant to the provisions of the Bond Enabling Act, as the Bond Enabling Act may have existed prior to the enactment of this ordinance. The Town further covenants and agrees that, in each year that the Notes shall remain unpaid, it will levy an ad valorem tax upon all assessable property within the corporate limits of the Town at a rate so fixed that the annual amounts received therefrom, together with the anticipated annual net proceeds from the Town's parking charges, shall be sufficient to pay the principal and interest on the Notes as such payments become due. The Town does further pledge its full faith and credit to the payment of principal and interest on the Notes. As used herein "net proceeds of parking charges" shall mean the gross revenues received by the Town from Town parking charges less the cost of operating the parking facilities of the Town.
Section 3-512.
So long as any interest or principal on the Notes shall remain unpaid the Town shall not issue and sell any notes, bonds or other evidences of indebtedness, the proceeds of which are to be applied toward the acquisition, construction, reconstruction, improvement or betterment of any parking facilities within the Town, or the debt service which is to be paid from parking charges collected by the Town, without first applying the proceeds from such issuance and sale to pay the entire principal and interest then outstanding and unpaid on the Notes.
Section 3-513.
By the enactment of an ordinance supplemental to this Ordinance, the Town may also provide for (i) renewal of the Notes at maturity, with or without resale, and (ii) the issuance and sale of one or more additional series of bond anticipation notes in anticipation of the issuance of the Bonds, provided the aggregate principal amount of such additional series of bond anticipation notes does not exceed Seven Hundred Fifty Thousand Dollars ($750,000).
Section 3-514.
All the Covenants on the part of the Town hereinabove set forth shall be deemed to constitute binding and irrevocable covenants for the benefit of each and every registered owner of the Notes, and their successors and assigns, and may be enforced by any legal means, including an action for specific performance |
