46 LAWS OF MARYLAND. [CH. 23

ous annexes, all of which other lines have been paid for
by said Mayor and City Council of Cumberland;

AND WHEREAS some of said indebtedness bears interest
at 6% and some at 4 1/2%; and whereas it will be to the
benefit and advantage of the City of Cumberland to fund
the same so as to save interest, and so as to be relieved
from the necessity of having a large floating debt, pay-
ment of which may be demanded at any time;

Now, THEREFORE:

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
issue bonds to the amount of $225, 000. 00 to be known as
"Cumberland Water Improvement Bonds of 1933"; said
bonds may be payable either serially, the first of said bonds
to fall due not later than five years from the date of the
passage of this Act and at least $8, 000. 00 of said bonds to
be payable annually and the last of said bonds to fall due
not later than thirty years from the date of the issuance
of said bonds; or said bonds may be Sinking Fund Bonds,
the principal payable at the end of thirty years; and to sell
the same in whole or in part and to apply the proceeds
thereof as hereinafter provided; said bonds may be of the
denomination of $100. 00, $500. 00, or $1, 000. 00, and shall
be exempt from City, County and State taxes and shall
bear interest at the rate of not more than 4 and one-half
per cent, per annum, payable semi-annually, 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 thereunto attached; said bonds
may be registered as to principal.

SEC. 2. And be it further enacted, That the said Mayor
and City Council shall provide by ordinance that proper
advertisement be made; said advertisement stating the
time and place where bids, conditioned as may be required
by said ordinance, will be opened for the sale of said bonds,
reserving unto itself the right to reject any and all bids;
said bids shall be filed with the City Clerk of the City of
Cumberland, and at the time and place advertised shall
be opened by him in open Council Meeting in the presence
of the Mayor and City Council; if said bids be satisfactory
to the Mayor and City Council, it shall sell said bonds, or
any part thereof, to the highest bidder, or bidders, of