ALBERT C. RITCHIE, GOVERNOR. 159

to be of the denomination of One Thousand ($1, 000. 00) Dol-
lars each, and shall be exempt from City, County and State
taxes, and shall bear interest at the rate of not more than five
per cent, 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 Cumber-
land and duly attested by the City Clerk, with the corporate
seal of the City thereunto attached.

SEC. 2. And be it further enacted. That for the purpose
of paying the interest on 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 bonds, and
such further sum as may be required for the purpose of finally
retiring said bonds at maturity, and shall deposit said prin-
cipal sum with the Trustees of the Sinking Fund of the City
of Cumberland, and it shall be the duty of the Trustees of the
Sinking Fund to invest such sums so paid to them for said
purpose, together with all interest which may accrue, in proper
securities, and they shall have power to purchase bonds issued
hereunder for said Sinking Fund.

SEC. 3. And be it further enacted, That the Mayor and
City Council of Cumberland shall cause proper advertisement
to be made stating the time and place where bids, conditioned
as the said Mayor and City Council may require, will be
opened for the sale of said bonds as a whole or in parts, reserv-
ing unto itself the right to reject any and all bids. Said bids,
together with such certified checks as may be required, shall
be filed with the City Clerk, and at the time and place adver-
tised, 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 therefor, of whose ability to
comply with the terms of sale the said Mayor and City Coun-
cil, in its discretion, is satisfied. In the event that said bonds
be sold, the proceeds thereof shall be placed in a separate
fund, and shall be used for the sole purpose of improving
the general sewer system, and if there be a surplus of money
remaining out of the proceeds of the sale of said bonds after
the improving of said general sewer system has been com-
pleted, the said surplus shall be deposited with the Sinking