1154 LAWS OF MARYLAND. [Ch. 702]

bonds, and to maintain said sewerage system, and to provide
for the payment of the principal and interest of said bonds,
and for an additional tax on property connecting with said
sewerage system, and referring the same to vote of the citi-
zens of said town for adoption or rejection of said bond issue.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the Commissioners of Preston, in Caroline county,
be and are hereby authorized, empowered and directed to issue
coupon bonds in the name of said municipal corporation, to
an amount not exceeding seven thousand dollars ($7,000.00),
and to sell the same for not less than par and accrued interest;
the said bonds shall be for sums not less than one hundred
dollars, nor more than three hundred dollars each, and be sealed
with the corporate seal and signed by the president of the board
of commissioners and countersigned by the treasurer thereof.
They shall be numbered consecutively and be made payable to
bearer twenty-five years after date of issue, but shall be redeem-
able at the option of the Commissioners of Preston at any time
after ten years from the date of issue; said bonds shall bear
interest at the rate of five per cent, per annum, payable on the
first day of January and July of each year on the presentation
of interest coupons to be issued with said bonds, and shall be
exempted from all county and municipal taxation. Sealed bids
for the purchase of said bonds shall be invited by advertisement
in one or more newspapers published in Caroline county and
in such other newspapers published elsewhere as the said Com-
missioners of Preston may determine, giving at least two weeks'
notice of the time and place of opening such bids. The bids
shall be opened by the Commissioners of Preston at the place
and as near as practicable at the time specified in the advertise-
ment, and the said Commissioners of Preston shall accept the
bid of the highest responsible bidder provided his bid be not
less than par and accrued interest, but if the highest bid be
less than par and accrued interest, said bonds may be sold by
the Commissioners of Preston at private sale. The purchase
price accepted for said bonds shall be paid to the treasurer of
the Commissioners of Preston in his official capacity, and the
bonds shall be delivered by him to the purchaser.

SEC. 2. And be it enacted, That the Commissioners of Pres-
ton be and they are hereby authorized, empowered and directed,
with the proceeds of sale of said bonds, to establish and con-
struct a sewerage system in the Town of Preston for the col-
lection, transmission and disposal of drainage and sewage from
the houses, cesspools, wells, sinks and other receptacles of sew-