ALBERT C. RITCHIE, GOVERNOR. 79

A. ASSESSMENTS

The Mayor and City Council of Cumberland shall cause
to be assessed annually as of the date of finality all prop-
erty, real, personal or otherwise within said City, and all
securities or other intangible property liable to State and
County taxes, and for any assessments said Mayor and City
Council shall accept any valuation theretofore placed
thereon by the State and County Assessment, or by the
State Tax Commission assessment, upon the said respective
classes of property within said city.

B. LEVY AND COLLECTION OF TAXES

Said Mayor and City Council of Cumberland shall have
power to levy and collect a tax on the assessable property
of said city for the general purposes of said corporation,
not exceeding in any one year seventy-five cents on each
one hundred dollars worth of said assessable property; and
in addition, to levy and collect such a tax on the assessable
property of said city as may be necessary to pay the in-
terest on all of the outstanding city bonds, and to provide
a fund for the redemption and payment thereof at ma-
turity, provided, however, that the total bonded or floating
indebtedness of said city (exclusive of the indebtedness of
the Water Department) shall not exceed at any one time
ten per cent, of the assessed valuation of the property in
said city.

C. BORROWING

The said Mayor and City Council of Cumberland shall
have and are hereby given express power and authority to
borrow from time to time, if and as needed for its immediate
and usual corporate purposes, such sum or sums of money
as may be necessary for such purposes, and to pledge the
faith and credit of the city therefor; provided, however,
that such sum or sums of money hereby authorized to be
borrowed shall not exceed in the aggregate the total un-
collected estimated receipts for the current fiscal year; and,
provided, further, that any sum ox sums of money so bor-
rowed, in pursuance of the authority hereby given, shall be
repaid out of the taxes levied, collected or due for the cur-
rent fiscal year in which such sum or sums of money were
borrowed, and/or from any other corporate income (other
than Water Department income) due in such current fiscal
year.