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Session Laws, 1931
Volume 580, Page 603   View pdf image (33K)
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ALBERT C. RITCHIE, GOVERNOR.                  60&

assess against the assessable property in the City of Cumber-
land in each year during the continuance of said bonds a sura
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 princi-
pal 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 pur-
pose, 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 Coun-
cil, 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 incin-
erator, and if there be a surplus of money remaining out of
the proceeds of the sale of said bonds after the said incinerator
has been completed, the said surplus shall be deposited with the
sinking fund trustees and shall be used as part of the sinking
fund to retire said bonds at maturity.

SEC. 4. And be it further enacted, That any and all Acts
or parts of Acts or any part or parts of the Charter of the City
of Cumberland, Maryland, conflicting in any way herewith is
or are repealed in so far and to the extent that the same shall
so conflict.

SEC. 5. And be it further enacted, That this Act shall take
effect upon the first day of June, 1931.

Approved April 6, 1931.

 

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Session Laws, 1931
Volume 580, Page 603   View pdf image (33K)
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