1292 LAWS OF MARYLAND. [CH. 548

SECTION 1. Be it enacted by the General Assembly of
Maryland, That the Mayor and City Council of Cumberland
be and it is hereby authorized and empowered to issue "Water
Improvement Bonds of 1929" to the amount of Two Hundred
Thousand Dollars ($200, 000. 00), payable at the end of forty
years from the date of issue, and to sell the same; said bonds
to be of the denomination of One Thousand ($1, 000. 00) Dol-
lars, and shall be exempt from State, County and Municipal
taxes; said bonds to be signed by the Mayor of the City of
Cumberland, and attested by the City Clerk, with the cor-
poration seal of the city thereto 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 receipts over expenses in the water fund 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 the same.

SEC. 2. And be it further enacted, That the said Mayor
and City Council shall, by ordinance, cause advertisement to
be made, setting 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. Said bids shall be filed with the City Clerk of
the 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.

SEC. 3. And be it further enacted, That upon the sale of
said bonds, the proceeds thereof shall be in a separate fund,
and used by the 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 purpose or purposes.

SEC. 4. And be it further enacted, That the Mayor and
City Council shall charge and collect for the water supplied