240                         LAWS OF MARYLAND.                 [CH. 113

1931, " payable at the end of twenty (20) years from the date
of issue, and to sell the same in whole or in part, and to apply
the proceeds thereof as hereinafter provided; said bonds shall
be of the denomination of one thousand ($1, 000) 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 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 on 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,
reserving 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
advertised, shall be opened by him in the presence of the
Mayor and City Council, and if said bids be satisfactory to
the said 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.

SEC. 4. And be it further enacted, That in the event that
said bonds be sold the proceeds thereof shall be placed in a