18 LAWS OF MARYLAND. [CH. 12

CHAPTER 12.

AN ACT to authorize the Mayor and City Council of Cumber-
land to issue bonds to the amount of one hundred and ninety
thousand ($190, 000. 00) dollars to pay off the five per cent.
"Cumberland City Consolidated Debt Bonds" of that amount
of the said city issued pursuant to Section 83 of Chapter 56
of the Acts of 1892 of the General Assembly of Maryland,
and to provide a sinking fund for the redemption of said
bonds.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the Mayor and City Council of Cumberland be,
and it is hereby authorized and empowered to issue coupon
bonds to the amount of one hundred and ninety thousand
($190, 000. 00) dollars, and to sell the same; said bonds shall
be of the denomination of one thousand ($1000. 00) dollars,
and said bonds shall be exempt from State, County and Mu-
nicipal taxes; said bonds to be signed by the Mayor of the City
of Cumberland and attested by the City Clerk, with the corpo-
rate seal of the said city thereunto attached, said bonds to bear
interest at the rate of not more than five (5) per centum per
annum, payable semi-annually, for which interest proper cou-
pons are to be attached to said bonds; said bonds to be payable
to the amount of ten thousand ($10, 000. 00) dollars in each
year after the year of their issue according to the serial number
of said bonds.

Section 2. And be it further enacted, That the said Mayor
and City Council shall, by ordinance, cause advertisement to
be made, 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. The said bids shall be filed with the City Clerk of
the said City of Cumberland, and at the time and place ad-
vertised 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 used by the said Mayor
and City Council for the purpose of paying off the one hun