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Session Laws, 1927
Volume 569, Page 1617   View pdf image (33K)
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ALBERT C. RITCHIE, GOVERNOR. 1617

further amount as may be necessary to pay the interest upon
the bonds and notes hereby authorized, then outstanding from
year to year during each year that any of the said bonds or
notes remain outstanding, and shall during the first five years
after said bonds are issued collect said money so levied and
place it in a separate fund and pay for and redeem any of said
notes which are due, together with the interest on said notes,
and which cannot be paid from the separate fund heretofore
provided, in Section 3 of this Act, and shall pay for the interest
upon all the aforesaid bonds outstanding, and shall annually
pay for and redeem, after the fifth year of their issue, Five
Thousand ($5,000.00) Dollars of said bonds. Said sum of
Five Thousand ($5,000.00) Dollars, and the amount necessary
for interest as aforesaid, so levied, shall be included in the
general levy of the said Mayor and City Council of Cumber-
land; provided, however, that the said annual levy of Five
Thousand ($5,000.00) Dollars and interest shall not be made
for any longer period of time than is necessary to provide for
the retirement of all of said bonds and notes, and whenever
there is a sufficient sum of money in the separate funds above
mentioned to retire all outstanding bonds and notes issued
under this Act, and to pay the interest thereon to maturity,
the obligation to make said annual levy of Five Thousand
($5,000.00) Dollars and interest shall cease, and any money
remaining in said separate funds after the payment of all out-
standing bonds and notes, issued under this Act, together with
the interest thereon, shall revert to the general funds of the
City of Cumberland, and any money thereafter collected from
any liens filed for the purpose of collecting money expended
under the authority of this Act shall also revert to the general
funds of said City, except such part of said money collected
on said liens as may be required to repay money borrowed
under the provisions of the next succeeding section of this Act.

SEC. 5. And be it further enacted, That the Mayor and
City Council of Cumberland be and it is hereby authorized
and empowered to borrow from time to time, on the security of
any unpaid liens filed for the purpose of collecting money
expended under the authority of this Act, such sum or sums of
money, not exceeding the face value of said liens, as may be
needed to cover any deficits which may from time to time occur
in the separate funds provided for the payment of the principal
and interest of said "Flood Prevention Notes of 1927," said

 

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Session Laws, 1927
Volume 569, Page 1617   View pdf image (33K)
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