464 LAWS OF MARYLAND. [CH. 291

way, roads, easements, machinery, live-stock and other
materials, equipment and labor necessary therefor, is here-
by authorized and empowered at one time, or from time
to time, to borrow money on the faith and credit of said
County and to issue and sell at one time, or from time
to time, its bonds therefor, not to exceed in the aggregate
the sum of Five Hundred Thousand ($500,000.00) Dollars.
Such bonds shall be designated, "Dorchester County Pub-
lic Road, Bridge and Ferry Bonds", and shall be of such
denomination or denominations and of such type or form,
of such periods of maturity, not exceeding fifteen (15)
years, and their rate or rates of interest, not exceeding
4% per annum, all as the County Commissioners of Dor-
chester County may deem advisable. Said bonds shall be
signed by the President of the County Commissioners of
Dorchester County and the Treasure of said County, and
have the corporate seal of Dorchester County affixed there-
to. The principal amount of said bonds and every part
thereof and the interest payable thereon shall be and
remain exempt from taxation by the State of Maryland
and by the Counties and muncipalities of said State.

SECTION 2. And be it further enacted, That before
proceeding to sell any of said bonds at any time, the
County Commissioners of Dorchester County shall adver-
tise once a week for not less than two successive weeks
in one or more newspapers published in Dorchester
County and by such other advertisement as they shall
think proper, that they will receive sealed bids for the
bonds described in said advertisement under such regula-
tions as the County Commissioners by their order may
pass. The advertisement shall designate the place where
bids will be received and shall set a time for doing so
to be not later than fifteen days after the date of the last
publication of said advertisement. All accrued interest be-
tween the date of said bonds and the time of sale and
delivery of and payment for said bonds shall be adjusted
with the purchasers thereof. Upon the day mentioned in
said advertisement for opening the bids, the County Com-
missioners of Dorchester County shall receive such sealed
proposals for the purchase of such bonds as may be desig-
nated in the advertisement. And on the opening in pub-
lic by the County Commissioners of such sealed proposals,
as many of said bonds as may have been so bid for shall
be awarded by the County Commissioners of Dorchester
County to the highest responsible bidder or bidders there-
for (at the lowest net interest cost to the County) for
cash at not less than par, if the prices bid are adequate