LLOYD LOWNDES, ESQUIRE, GOVERNOR.

streets and alleys. To license, tax and regulate branch stores
or establishments, and all other concerns established in said city

641

for temporary business only. To license and tax tire insurance
companies, provided that all fire insurance companies doing
business in the city of Cumberland, shall pay a license fee of
not less than fifty dollars nor more than one hundred dollars
per annum.

FINANCE.

To levy and collect a tax on the assessable property of said
city for the general purposes of said corporation, not exceed-
ing in any one year fifty cents on each one hundred dollars
worth of said assessable property. To levy and collect such a tax
on the assessable property of said city as may be necessary to pay
the interest on the city bonds, and to provide a sinking fund
for the redemption thereof at maturity; provided, however,
that the bonded indebtedness of said city shall not exceed at
any one time ten per cent, of the assessed valuation of the
property in said city ; and further provided, that it shall not
nave power to pledge the faith and credit of said city for any
sum exceeding fifteen thousand dollars, without first submitting
the question to the voters of said city, after twenty dayjr
notice by handbills or otherwise, and two-thirds of the legal
votes cast being in favor thereof. The said sum of fifteen
thousand dollars hereby specified, being intended to be an
amount in excess, at any one time, of the amount which shall
be ascertained by the finance committee, to be collectible from
taxes for the current year ; and if said Mayor and City Council
shall be authorized by the vote above mentioned, at any time
to pledge the credit of the city to the amount of ten thousand
dollars or more, then they may at once issue coupon bonds of
said corporation therefor, at a rate of interest not exceeding six
per centum per annum, and payable in not less than thirty or
more than fifty years with interest, payable semi-annually ; and
may levy a tax to pay the interest thereon and provide a sink-
ing fund for the redemption of said bonds, but no franchise of
the city shall be granted to any corporation or individual,
unless notice of the same shall have been first published for at
least two weeks in two newspapers of the city of Cumberland ;
and no franchise, right or privilege in relation' to any high-
ways, avenues, streets, lanes or alleys, either on, above or
below the surface of the same, shall be granted by the Mayor
and City Council to any person or corporation for a longer
period than twenty-five years ; to enforce their ordinances by
fines and penalties, and imprisonment in the city station-house
41

Power given
city council.