70 LAWS OF MARYLAND. [CH. 55

CHAPTER 55.

AN ACT to authorize the Mayor and City Council of Cumber-
land to issue coupon bonds in the amount of One Hundred
Fifty Thousand ($150, 000) Dollars and to provide for the
maturity thereof, and the payment of the interest thereon
and the laying of taxes to provide for the payment of the
principal thereof at maturity, and to repeal all Acts and
parts of Acts inconsistent with the provisions of this Act.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the Mayor and City Council of Cumberland, Mary-
land, be and it is hereby authorized and empowered to issue
bonds to the amount of One Hundred Fifty Thousand
($150, 000) Dollars, payable at the end of twenty years from
the date of issue, and to sell the same in whole or in part, and
to apply the proceeds thereof as hereinafter provided; said
bonds to be of the denomination of One Thousand ($1, 000. 00)
Dollars each, and shall be exempt from City, County and State
taxes, and shall bear interest at the rate of not more than
five per cent, per annum, payable semi-annually, and for which
proper interest coupons are to be attached to said bonds; said
bonds shall be signed by the Mayor of the City of Cumber-
land and duly attested by the City Clerk, with the corporate
seal of the City thereunto attached.

SEC. 2. And be it further enacted, That for the purpose of
paying the interest of said bonds, and retiring said bonds at
maturity, said Mayor and City Council of Cumberland shall
assess against the assessable property in the City of Cumber-
land in each year during the continuance of said bonds a sum
of money sufficient to pay the interest upon said bonds, and
such further sum as may be required for the purpose of finally
retiring said bonds at maturity, and shall deposit said prin-
cipal sum with the Trustees of the Sinking Fund of the City
of Cumberland, and it shall be the duty of the Trustees of the
Sinking Fund to invest such sums so paid to them for said
purpose, together with all interest which may accrue, in proper
securities and they shall have power to purchase bonds issued
hereunder for said Sinking Fund.

SEC. 3. And be it further enacted, That the Mayor and City
Council of Cumberland shall cause proper advertisement to be
made stating the time and place where bids, conditioned as the
said Mayor and City Council may require, will be opened for
the sale of said bonds as a whole or in parts, reserving unto
itself the right to reject any and all bids. Said bids, together
with such certified checks as may be required, shall be filed
with the City Clerk, and at the time and place advertised,