3612 ARTICLE 16.

1914, ch. 627, sec. 468J.

887. All moneys received from the sales of Sewerage and Drainage
Bonds by the County Commissioners shall, after the expenses incident to
surveys, election, and advertisement, are deducted, be deposited as a sepa-
rate account in the responsible bank or banks or financial institutions or
institutions offering the best interest investment, for such period as the
entire amount or part of the entire amount of the net proceeds of said
bond sale shall be on deposit.

All moneys received through the levying of Sewerage and Drainage
taxes and from other sources, through the operation of this Act, except
from sale of bonds, shall be deposited by the County Treasurer, as a
separate account, in some bank or financial institution of recognized stand-
ing offering the best interest investment; provided, however, that said
Commissioners may use any of said funds, except that raised by mainte-
nance charges or rentals, for the purchase and cancellation of bonds issued
under this Act, or for the purchase on account of a sinking fund, of
municipal or State bonds, the income from which, on a basis of purchase
price, shall at least be equal to the income from the same amount on
deposit at the maximum rate of interest obtainable.

1914, ch. 627, sec. 468K.

888. Upon the sale of the bonds provided for under this Act, the said
Commissioners shall advertise for sealed bids, on equal terms to all bidders,
for the construction of all or that part of the said main sewerage or drain-
age systems, for which the bonds were issued. The bids shall be received
upon such conditions and in such manner as they deem proper, and they
shall award the contract or contracts, to the lowest responsible bidder, or
may reject any, or all bids in their discretion, or may build any or all
parts of the work so planned, in any other way deemed advisable; pro-
vided, however, that no change be made effecting the efficiency or capacity
of the system or systems and provided further that no contract exceeding
$500.00 shall be let except upon competitive bidding.

1914, ch. 627, sec. 468L.

889. The payment of said bonds and the interest thereon, shall be pro-
vided for by a Sewerage and Drainage tax, levied annually on all the
assessable property within the district or area. The amount to be levied
for interest in any one year shall not exceed the maximum amount neces-
sary to pay the interest on the entire bond issues unredeemed. The amount
to be levied for payment of principal in any one year shall not exceed
an amount equal to the sum total of the bond issues unredeemed, divided
by the number of years the bond issues have yet to run.

The said Commission shall cause to be kept, by the County Treasurer,
in a separate tax book or record, a list of all the properties within the
district or area, subject to the sewerage and drainage tax. These proper-
ties shall be listed alphabetically, with reference to the sewerage and drain-