5136 ARTICLE 23.

Wicomico, and- one newspaper in the City of Baltimore, for the receipt
of bids for the construction of said water supply system either in whole
or in part, as in their judgment may be deemed proper. Said advertise-
ment shall state the time and place that the authorities m,ay name for the
opening of bids, and all bids must be sent under seal, accompanied by a
certified check of such amount as the said authorities may deem necessary
and proper. The contract shall be awarded to the lowest responsible bidder
upon the recommendation of the aforementioned engineer, and the au-
thorities are empowered and authorized to enter into such agreement or
contract with said siiccessful bidder as to safely indemnify the town of
Sharptown against any and all loss which may ensue from the construction
of said water supply system. They shall demand bond of the successful
bidder to whatever extent they deem necessary and proper, but in no case
shall the amount thereof be less than the contract price.

1929, ch. 27, sec. 3.

368. For the purpose of providing funds for the construction and
establishment of said water supply system, and for the purchase or con-
demnation of properties and rights of way, said authorities are authorized
and empowered to issue bonds in such amounts as they may deem neces-
sary to carry on said work or any part of it, provided, however, that at
no time shall the amount of outstanding bonds so issued be more than
Thirty-five Thousand Dollars ($35,000). Said bonds may be of such
type and denomination and bear such rate of interest, not exceeding five
(5) per centum per annum as said authorities may determine upon; pro-
vided, that the interest on said bouds shall be payable semi-annually and
said bonds shall mature at a period not exceeding fifty years from the
date of issuance, and shall be forever exempt from State, county and
municipal taxation, and shall be a lien upon all assessable property within
the said town of Sharptown. The bonds may be dated as the authorities
may decide, may be either serial bonds or sinking fund bonds, and the
authorities are authorized and empowered to sell the bonds in any way
they may deem proper; they may be sold either locally over the counter,
or by advertising, to a responsible underwriter after advertisement, if
this latter method is elected.

1929, oh 27, sec. 4.

369. For the purpose of retiring the bonds issued under this Act and
of paying interest thereon, said municipal authorities may raise the neces-
sary funds to meet such obligations, either by levying a tax against all
the assessable property within the municipality served annually so long
as any of said bonds are outstanding, or may provide for the whole or
any part by the levy of a front foot assessment charge on all property
abutting on a street, road, alley or right-of-way in which a water main
is laid, or may provide for both the levy of a tax and the levy of a front
foot assessment charge, as above mentioned. The tax so levied shall be
sufficient in amount to meet the interest on said bonds as it becomes due
and to pay the principal thereof as they mature, or such part of said