FRANK BROWN, ESQUIRE, GOVERNOR.

109

further provide by ordinance for the remuneration of said

board of water commissioners and their duties.

78 F. And the mayor and city council shall have and are

hereby invested with full pow'er and authority to enact and

pass all ordinances which, from time to time, they may deem

May pass
ordinances

necessary and proper to effect the objects herein specified,

relating

and to regulate the introduction and use of said water and

to water.

the improvements thereof, and for the protection and pres-

ervation of its works, machinery and property connected

therewith, and it shall be the duty of said board of water

commissioners to see that the ordinances so passed are prop-

erly carried out and enforced.

83. The mayor and city council are authorized to issue

coupon bonds, in denominations of not less than five hundred

May issue
consoli-

nor more than one thousand dollars each, to the amount of

dated debt

not more than four hundred thousand dollars, to be known

bonds

as the " Cumberland ' City Consolidated Debt Bonds," and

said bonds, or the proceeds thereof, to be used for the pur-

pose of taking up the present bonded indebtedness of the

city, issued or to be issued under ordinances and laws

now in force, and for no other purpose, except that forty

thousand dollars thereof may be issued to pay the floating

debt of the city, and said bonds shall be issued from time to

time as needed for the purpose herein designated and not

until so needed, and said bonds shall be made payable at

the end of thirty years from the date thereof, shall all bear

date as of the issuing of the first instalment thereof and

shall bear interest at a rate not to exceed six per centum

per annum."

84. For the purpose of paying the bonded indebtedness

of the city a reserve or sinking fund shall be created by the

city council by an annual levy of not less than two cents on

each one hundred dollars of assessable property within the

Sinking
fund

city limits, which said amount so levied shall each year be

paid over by the treasurer to the trustees ol the sinking

fund (said trustees consisting of two persons, with the mayor

as their chairman, to be appointed by the mayor and city

council), and said sum or sums so paid over to the said

trustees shall be by them held and invested in trust, for

the payment of the said bonded indebtedness of the city as

it may mature, which said investment lield by the trustees

of the sinking fund shall be free from municipal taxation.

SEC. 2. And be it enacted, That this act shall lake effect

from the date of its passage.

In force

Approved March 8th, 1892.