ALBERT C. RITCHIE, GOVERNOR. 33

years from the date of issue, and to sell the same; said bonds
to be of the denomination of one thousand dollars, and shall
be exempt from State, county and municipal taxes; said bonds
to be signed by the Mayor of the City of Cumberland, and at-
tested by the City Clerk, with the corporate seal of the city
thereunto attached, and to bear interest at the rate of not
more than five per cent per annum, payable semi-annually,
for which interest, proper coupons are to be attached to said
bonds; and at the end of each fiscal year, an excess of re-
ceipts over expenses in the water fund, in year shall be paid
to the trustees of the sinking fund, to be held and invested for
the, redemption of the water bonds of the City of Cumberland
outstanding, with the right to the trustees of said sinking
fund to purchase any of said bonds and cancel same.

SECTION 2. And be it further enacted, That the said
Mayor and City Council shall, by ordinance, cause advertise-
ment to be made, stating the time and place where bids con-
ditioned 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 said City of Cumberland, and at the time and
place advertised, shall be opened by him in the presence of the
Mayor and City Council; and 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 whose ability
to comply with the terms of sale, the said Mayor and City
Council, in its discretion is satisfied.

SECTION 3. And be it further enacted, That upon the sale
of said bonds, the proceeds thereof shall be placed in a sepa-
rate fund, and used by the said Mayor and City Council for
the purpose of improving, repairing, extending, and other
necessary purposes heretofore and hereafter affecting the
water supply of the City of Cumberland and for no other pur-
pose or purposes.

SECTION 4. And be it further enacted, That the Mayor and
City Council shall charge and collect for the water supplied
to the citizens of Cumberland and vicinity,. a sum sufficient
to pay the expenses heretofore and hereafter necessary for the
operating of the water system of Cumberland, Maryland, and
to pay for the redemption of the bonds now outstanding
against the City of Cumberland for water improvements and