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Session Laws, 1878
Volume 399, Page 813   View pdf image (33K)
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JOHN LEE CARROLL, ESQUIRE, GOVERNOR. 813

that the amount so to be paid shall not exceed the

 

sum of seventy-five dollars in any one year.

 

56c. The Mayor and City Council shall have the

 

same power over public grounds, on which are erected
the county buildings, as over other parts of the city,
and the ordinances of said city shall have force as

Power
over public
grounds

well in said grounds as in other parts thereof; but

 

nothing in this section shall interfere with the title

 

of the County Commissioners to said lots, or their

 

control over the same.

 

56d. The Mayor and City Council are authorized

 

to issue coupon bonds, in denominations of not less

Issue coupon

than one hundred nor more than one thousand dol-

bonds.

lars each, to the amount of not more than four hun-

 

dred thousand dollars, to be known as the "Cumber-

 

land City Consolidated Debt Bonds," and said bonds,

 

or the proceeds thereof, to be used for the purpose

 

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

 

thirty thousand dollars thereof may be issued to pay

 

the floating debt of said 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, and shall all bear date

 

as of the issuing of the first instalment thereof.

 

56e. Said Mayor and City Council shall provide

 

for the payment of the interest thereon and a sink-

 

ing fund for the redemption of the bonds at maturity,

Bonds to bear

and shall carry such an amount to said sinking fund

interest.

each year as will amount with interest accruing

 

and accumulating thereon to the amount of said

 

bonds issued by the time said bonds shall mature,

 

and said bonds shall bear interest not exceeding six

 

per cent, per annum, payable semi-annually, and

 

shall be free from municipal taxation by said city.

 

56f. It shall not be lawful for any officer or

 

employee of the Mayor and City Council, or the

 

Mayor, or any member of the City Council in his

 

individual capacity, or as a member of any com-

 

mittee, or for any committee of the City Council, to

 

make any purchase, incur any obligation, or in any

 


 

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Session Laws, 1878
Volume 399, Page 813   View pdf image (33K)
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