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Session Laws, 1937
Volume 412, Page 906   View pdf image (33K)
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906 LAWS OF MARYLAND. [CH. 457

SEC. 5. And be it further enacted, That this is an emer-
gency law, necessary for the health, safety and best interests
of the citizens of Cumberland, and three-fifths of the members
of the General Assembly of Maryland concurring therein, shall
take effect from the date of its passage.

Approved May 18, 1937.

CHAPTER 457.

AN ACT to authorize the Mayor and City Council of Cumber-
land to issue bonds to the amount of five hundred thousand
dollars (1500, 000. 00) for the sole purpose of constructing an
elevated highway from the east side to the west side in the
vicinity of Park Street and Green Street, in order to elimi-
nate grade railway crossings in the middle of said city,
and such other expenses as may be immediately incident
thereto, and to provide for the advertisement and sale of
the same and redemption of the same at maturity, together
with the interest thereon when and as the same becomes due
and payable, and repealing any Act or part thereof incon-
sistent herewith.

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 Five Hundred Thousand Dollars ($ 500, -
000), payable at the end of forty 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 Dollars ($1, 000. 00)
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 Cumberland and
duly attested by the City Clerk, with the corporate seal of
the City thereto 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 Cum-
berland 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

 

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Session Laws, 1937
Volume 412, Page 906   View pdf image (33K)
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