162 LAWS OF MARYLAND. [CH. 80

issue, and to sell the same in whole or in part, 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 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 Cumberland 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
Cumberland 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
principal 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
Council, 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 erecting a
municipal incinerator, and if there be a surplus of money
remaining out of the proceeds of the sale of said bonds after