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Code of the Public Local Laws of Maryland, 1930
Volume 377, Page 326   View pdf image (33K)
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326 ARTICLE 1A.

upon the assessable property of said City sufficient in amount to annually
provide five thousand ($5,000.00) dollars, and such further amount as
may be necessary to pay the interest upon the bonds and notes hereby
authorized, then outstanding from year to year during each year that any
of the said bonds or notes remain outstanding, and shall during the first
five years after said bonds are issued collect said money so levied and
place it in a separate fund and pay for and redeem any of said notes
which are due, together with the interest on said notes, and which cannot
be paid from the separate fund heretofore provided, in Section 142 of this
Article, and shall pay for the interest upon all the aforesaid bonds outstand-
ing, and shall annually pay for and redeem, after the fifth year of their
issue, five thousand ($5,000.00) dollars of said bonds. Said sum of
five thousand ($5,000.00) dollars, and the amount necessary for interest
as aforesaid, so levied, shall be included in the general levy of the said.
Mayor amd City Council of Cumberland; provided, however, that the said
annual levy of five thousand ($5,000.00) dollars and interest shall not
be made for any longer period of time than is necessary to provide for
the retirement of all of said bonds and notes, and whenever there is a
sufficient sum of money in the separate funds above mentioned to retire all
outstanding bonds and notes issued under this Act, and to pay the interest
thereon to maturity, the obligation to make said annual levy of five thou-
sand ($5,000.00) dollars and interest shall cease, amd any money remain-
ing in said separate funds after the payment of all outstanding bonds
and notes, issued under this Act, together with the interest thereon, shall
revert to the general funds of the City of Cumberland, amd, any money
thereafter collected from any liens filed for the purpose of collecting money
expended under the authority of this Act shall also revert to the general
funds of said City, except such part of said money collected on said liens
as may be required to repay money borrowed under the provisions of the
next succeeding section of this Act.

1927, ch. 706, sec. 5.

144. The Mayor and City Council of Cumberland be and it is hereby
authorized and empowered to borrow from time to time, on the security
of any unpaid liens filed for the purpose of collecting money expended
under the authority of this Act, such sum or sums of money, not exceed-
ing the face value of said liens, as may be needed to cover any deficits,
which may from time to time occur in the separate funds provided for the
payment of the principal and interest of said "Flood Prevention Notes:
of 1927," said money so borrowed to be repaid as the money due on the
pledged liens is collected.*

1929, ch. 288, sec. 1.

145. The Mayor and City Council of Cumberland be and it is hereby
authorized and empowered to issue Flood Prevention Notes of 1929 to
the amount of twenty-five thousand ($25,000.000) dollars, and to sell the

*Sec. 6, ch. 706, 1927, repealed all acts inconsistent therewith.

 

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Code of the Public Local Laws of Maryland, 1930
Volume 377, Page 326   View pdf image (33K)
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