126

LAWS OF MARYLAND.

the said Commissioners shall determine. Said bonds shall1
bear interest at the rate of four per centum per annum, said
interest to be paid semi-annually, beginning six months from
the date of their issue, and shall be forever exempt from
taxes, except for State purposes, and shall have printed on
them a distinct reference to the Act of Assembly authorizing
the issue thereof. Said bonds shall be issued payable in fifty
years from date of issue, and redeemable in whole or in part
at any time after ten years from date of issue in current
money of the United States, at the pleasure of said Commis-
sioners, and they shall have attached thereto coupons for the
payment of the interest thereon semi-annually.

Bonds to be
sold.

SEC. 2. And be it enacted, That the money arising from
the sale of said bonds (which said bonds shall be sold either
at auction or by sealed bids after due advertisement to the
highest responsible bidders, and shall not be sold for less than
their par value) shall be deposited in bank and be used for
the purpose of constructing water works and electric light
plant, and for no other purpose, and shall be paid by check
signed by the president and countersigned by the clerk of
said Commissioners only on order of the Commissioners of
St. Michaels, and the said Commissioners are empowered to
pass such orders for the payment of moneys due to the con-
tractors for construction of said water works and electric
light plant as shall be earned from time to time in the
prosecution of the said works. The Commissioners of St.
Michaels shall advertise for sealed proposals for the con-
struction of said water works and electric light plant, and
shall award the contract therefor to the lowest responsible
bidder, provided such bid or bids be within the amount of
funds hereby raised for those purposes. And the parties
bidding for said contract shall file a bond, with good and
sufficient sureties, for the faithful performance of the contract
in conformity to plans and specifications in the penalty of
double the amount of the contract. And said Commissioners
may employ a competent person to superintend the work of
constructing such water works and electric light plant,
and shall require of the president and clerk a bond, with a
surety or sureties to be approved in such penal sum as to
them may seem fit, for faithful performance of their duties as
such disbursing- officers.

Bonds
redeemed.
Interest there-
on.

SEC. 3. And be it enacted, That for the purpose of redeem-
ing said bonds at their maturity, and for securing the prompt
payment of interest thereon, the Commissioners of St. Michaels
shall have power and authority, and are hereby required, for