MONTGOMERY COUNTY. 3407

rights, or other facilities that may be required; and to do all other corpo-
rate acts, including the employment of engineering and other services, that
may be necessary for carrying out the provisions of this Act.

1922, ch. 216, sec. 2.

387. The Mayor and Council of Gaithersburg are authorized, empow-
ered and directed to borrow money on the faith and credit of said town,
not to exceed in the aggregate, for immediate construction, the sum of
$100,000.00, and to issue bonds therefor to be known as Gaithersburg
Water and Sewer Bonds. Said bonds shall be signed by the Mayor and
Council of Gaithersburg and their corporate seal shall be affixed thereto.
They shall be either registered or coupon bonds shall be issued in such
denominations as the Mayor and Council deem beat, shall bear interest
at a rate not exceeding five per cent, per annum, payable semi-annually,
shall mature not exceeding fifty years from the date of issue, and shall be
forever exempt from municipal and county taxation.

1922, ch. 216, sec. 3.

388. Said bonds shall be sold only to the highest responsible bidder,
upon the receipt of sealed bids, after due and proper advertisement in the
public press; provided, however, that the Mayor and Council may reject
all bids if they shall deem such action advisable. The Mayor and Council
may sell all of said bonds at one time, or they may sell them in more
than one series, as they may deem advantageous in carrying on the
work for which the same are issued. The money arising from the sale
of said bonds shall be kept as a separate fund by the Mayor and Coun-
cil, to be exclusively used for the purpose of designing and installing
the systems provided for by this Act, and all taxes and assessments,
levied and collected as hereinafter provided for the payment of interest
and principal of said bonds, shall be likewise kept by them as a separate
fund.

1922, ch. 216, sec. 4.

389. For the purpose of retiring the said bonds authorized to be issued
by this Act, and for payment of the interest thereon, there shall be levied,
by the Mayor and Council, against all of the assessable property within
the corporate limits of Gaithersburg, annually, so long as any of said
bonds are outstanding and not paid, a tax sufficient to meet such part of
the interest and sinking fund on said bonds as is not met by the assessments
hereinafter provided for. Said tax shall be determined, levied, collected
and paid over in the following manner: At least 30 days before the tax
levying period of each year the Mayor and Council shall determine the
amount necessary to be raised for the ensuing year for the payment of
the interest and sinking fund on all outstanding bonds, the amount to be
paid into the sinking fund in any one year to be determined by the usual
table of redemption of bonds by annual deposit in a sinking fund on in-
terest, and after deducting all the amounts in hand applicable to payment