WM. PRESTON LANE, JR., GOVERNOR. 1731

(b) The Mayor and City Council shall have the power to
borrow from time to time, pledging the faith and credit of
the City therefor, such sums of money as they may deem
necessary for the general welfare of the City and its general
corporate purposes, and to sell and issue bonds for such in-
debtedness.

(c) No indebtedness shall be created under the provisions
of this sub-title which would have the effect of raising the
total public indebtedness of the City, exclusive of the in-
debtedness of the Water Department, above an amount equal
to ten percentum of the assessed valuation of the property
of the City.

(d) Before any such loan is made pursuant to this section,
the Mayor and City Council shall pass an ordinance author-
izing such loan, stating its purpose, and setting forth in de-
tail the terms and conditions thereof, which ordinance shall
be published once a week for at least four weeks in one or
more daily newspapers published in the City.

(e) No such loan shall be made pursuant to this section
unless the question has been submitted to the qualified voters
of the City at a general or special election, and unless a
majority of those voting on such question have approved the
loan.

169. SERIAL BONDS. All bonds sold by the City pur-
suant to the powers granted by this sub-title shall be issued
in the form of serial bonds.

170. REDEMPTION. The Mayor and City Council shall
levy and collect such a tax on the assessable property of the
City as may be necessary to pay the interest on all bonds and
notes issued and sold by the City, under the provisions of
this sub-title, and to provide for the redemption thereof, all
agreeably to the terms of any such issue. If any funds re-
main from the amount borrowed after accomplishing the pur^
poses for which borrowed, such surplus monies shall be used
only for the redemption of the principal amount of the par-
ticular notes or bonds so issued and sold. Whenever any
bonds are to be redeemed by a sinking fund, it shall be the
duty of the trustees of the sinking fund to invest the monies
paid to them for such purpose, together with all interest
which may accrue, in proper securities, and they shall have
power to purchase bonds issued by the City with such funds
from the sinking fund.

171. GRANTS IN AID. The Mayor and City Council is
empowered to accept from any Federal or State agency grants