ALBERT C. RITCHIE, GOVERNOR. 155

tofore or hereafter authorized bond issue, giving a note
or notes therefor in an amount not greater than the
face value of the bond issue, and pledging as security
therefor all or part of said bond issue to the amount
necessary to secure said 'loan, and making this Act an
emergency law.

WHEREAS, The Mayor and City Council of Cumberland
have been, or may be hereafter at various times, author-
ized and empowered to borrow money through the issu-
ance and sale of bonds; and whereas, due to present dis-
turbed economic and financial conditions it may be dif-
ficult or impossible to sell said bonds at a fair value, al-
though it may be possible to borrow temporarily a lesser
amount on the security of said bonds; and whereas the
Mayor and City Council of Cumberland have at the pres-
ent time no authority to borrow on the security of said
bonds, either through the Reconstruction Finance Cor-
poration or elsewhere; and whereas it appears advisable
that said Mayor and City Council should be granted such
power, in order to make it unnecessary to sell said bonds
in an emergency at a low price.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That the Mayor and City Council of Cumber-
land be and it is hereby authorized and empowered to bor-
row money prior to April 1st, 1935, by pledging any of
its authorized but unsold bonds as security for a loan or
loans, to an amount not exceeding the face value of the
respective authorized bond issue, when, in the opinion of the
Mayor and City Council of Cumberland, it is necessary or
advisable so to do; the proceeds of any loan secured by said
bonds shall be used by said Mayor and City Council only
for the purpose specified in the respective Acts authorizing
the sale of said bonds; but said Mayor and City Council of
Cumberland, in case the proceeds of said loan shall not be
sufficient to carry out all purposes specified in said respec-
tive Acts, shall be the sole judge as to which of said pur-
poses of the respective bond issues the proceeds shall be
devoted, or said Mayor and City Council may apportion the
same among the respective purposes as set forth in the Act
of authorization; upon the sale of said bonds the process
thereof shall be used to repay said loan, and the balance
shall be used for the purposes specified in the Act of au-
thorization.