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Session Laws, 1927
Volume 569, Page 741   View pdf image (33K)
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ALBERT C. RITCHIE, GOVERNOR. 721
CHAPTER 411.

AN ACT to authorize the Mayor and City Council of Cumber-
land, Maryland, to issue bonds in the sum of Five Hundred
Thousand ($500, 000. 00) Dollars, and to sell the same, and
to provide for the laying of assessments for paying the inter-
est and principal thereof; to authorize the expenditure of
the proceeds thereof in part under certain conditions to the
Allegany Hospital of the Sisters of Charity, Inc., and the
balance to securing land and erecting a Memorial Hospital
in or near the City of Cumberland by a Board of Governors
of said Hospital; the formation of said Board with its qual-
ifications and the powers and duties thereof; to authorize
said Mayor and City Council to make appropriations for the
use of said Hospital, and to relieve the said Mayor and City
Council of Cumberland of liability for negligence.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That the Mayor and City Council of Cumberland,
Maryland, be and is hereby authorized and empowered to issue
bonds to the amount of Five Hundred Thousand ($500, 000. 00)
Dollars payable at the end of thirty years from the date of
issue, and to sell the same in whole or in parts, and to apply
the proceeds thereof as hereinafter provided; said bonds to be
of the denomination of One Thousand ($1, 000. 00) Dollars
each, and shall be exempt from City, County and State taxes,
and shall bear interest at the rate of not more than 5 % per
annum, payable semi-annually, and for which proper interest
coupons are to be attached to said bonds; said bonds shall be
signed by the Mayor of the City of Cumberland, and duly at-
tested by the City Clerk, with the corporate seal of the City
'thereunto attached.

SEC. 2. Be it further enacted, That for the purpose of
paying the interest upon said bonds and retiring said bonds
at maturity, said Mayor and City Council of Cumberland shall
assess against the assessable property in the City of Cumber-
land in each year during the continuance of said bonds a sum
of money Sufficient to pay the interest upon said bond's, and a
further sum of Ten Thousand ($10, 000. 00) Dollars to be paid
to the Trustees of the Sinking Fund of the City of Cumber-
land for the purpose of finally retiring said bonds after they
mature. And it shall be the duty of the Trustees of the Sink-
ing Fund to invest such sums so paid to them for said pur-

 

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Session Laws, 1927
Volume 569, Page 741   View pdf image (33K)
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