THEODORE R. MCKELDIN, GOVERNOR 389

work) until after the municipal corporation, with the ap-
proval of the Mayor and City Council shall have entered
into a binding contract with a private, public or quasi-public
corporation, partnership, association, person or other legal
entity secured to the satisfaction of the said Mayor and City
Council, under the terms of which the Mayor and City
Council of Cumberland will be reimbursed for at least all
expenditures of money made by it in connection with the
particular project involved, and for all interest charges paid
or to be paid by the Mayor and City Council of Cumberland
on all funds borrowed by it and expended in connection with
the particular project involved, and for all estimated real
estate taxes that the Mayor and City Council of Cumber-
land will lose as a result of it acquiring any land or prop-
erty involved in the particular project. Any such contract,
after it has been executed on behalf of the Mayor and City
Council of Cumberland by the Mayor of Cumberland and
the corporate seal of the municipality affixed thereto duly
attested by the Treasurer of the municipality and approved
by the said City Council, shall constitute a legal and bind-
ing obligation of the Mayor and City Council of Cumber-
land. In case any construction or improvement be made on,
under, in or appurtenant to any land or other property now
or hereafter owned by the Mayor and City Council of Cum-
berland, the appraised value of said land or other property
shall be included and considered as a part of the expendi-
tures of money made by the Mayor and City Council of
Cumberland in connection with the particular project in-
volved and shall be given full consideration in any such con-
tract entered into by the Mayor and City Council of Cum-
berland.

135E. The Mayor and City Council of Cumberland may,
by ordinance or ordinances, authorize the issuance of said
certificates of indebtedness in series maturing at stated
periods, and may make payable annually a portion of the
principal of said certificates of indebtedness, and any por-
tion or all of said certificates of indebtedness may or may
not be registered, and said certificates of indebtedness, or
any portion thereof, may or may not have interest coupons
attached, all as may be provided by or under the authority
of said ordinance or ordinances, and said certificates of in-
debtedness, when issued, shall bear interest at such rate or
rates as may be provided by or under the authority of said
ordinance or ordinances. If said certificates of indebted-
ness are issued in series maturing at stated periods, and a
portion of the principal is made payable annually, the
Mayor and City Council of Cumberland shall annually raise