THEODORE R. MCKELDIN, GOVERNOR 1273

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
four (4%) 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 of Cumberland there-
unto 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 Cum-
berland 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
on said bonds and such further sums as may be required
for the purpose of paying off the principal of said bonds
as shall mature and be payable in each year, and shall pay
said interest and the principal of such bonds as the same
are due and payable.

SEC. 3. And be it further enacted, That the Mayor and
City Council of Cumberland shall cause proper advertise-
ment to be made stating the time and place where bids,
conditioned as the said Mayor and City Council may re-
quire, 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 said 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. In the event that the
bonds be sold, the proceeds thereof shall be placed in a
separate fund designated as the "Cumberland Industrial
Highways Bonds of 1954", 1953", and shall be used for the
purpose of engineering surveys, acquisitions of rights of
ways and constructing an industrial highway which will
link Virginia Avenue in said City with Oldtown Road and
follow generally the location of Montreal Avenue Extended
running in an east-west direction and also for the purpose
of widening Thomas Street in said City to conform with
improvements made on said street during the year 1952.