330 LAWS OF MARYLAND. [CH. 186

rates of interest, not exceeding 5 per centum per annum, as
the Commissioners may deem advisable, said bonds to be
signed by the President of the County Commissioners of Bal-
timore County and the Treasurer of said County and to have
the corporate seal of Baltimore County affixed thereto. Said
bonds and the interest payable thereon shall be and remain
exempt from State, county and municipal taxation. At no
time shall the total issue of bonds outstanding for any pur-
pose, under this Act, exceed seven per centum of the total
assessable basis of real and tangible personal property as-
sessed for county taxation purposes, within the Metropolitan
District. The payment of interest on, and the retirement of,
said bonds shall be provided out of the funds received under
the provisions of the preceding Section 335, and, to the extent
necessary, by a levy annually against all taxable property in
the Metropolitan District less the connection charges, other
available funds, and front foot assessments on hand and/or
estimated to be received during such year applicable to the
payment of interest and retirement expenses, for all the bonds
issued, provided that in the event such sum so levied shall not
provide a sufficient sinking fund to retire all such bonds as they
mature, then the Commissioners shall levy annually against all
taxable property in Baltimore County a sufficient sum to make
up the deficiency. The Treasurer of Baltimore County is here-
by required to collect the tax so levied, in the same manner as
State and county taxes are collected, and such tax shall bear
the same interest and be subject to the same penalties in the
event of non-payment, as in the case of other county taxes.
From the money so received, together with the amount in hand
to the credit of said bond fund from the collections provided
for in Section 335, the Commissioners shall first pay all
interest on said bonds as it matures, and shall then deposit
in some bank, or banks in Baltimore County to the credit of
the Commissioners, as a fund to be known as the "Sinking
Fund Account", the amount so raised for the payment of the
principal of said bonds. The monies in the Sinking Fund
shall be kept entirely separate from all other monies of the
said Commissioners and of the county, and the said Commis-
sioners shall invest the monies in the Sinking Fund in the pur-
chase of any bonds issued under this Act when they are obtain-
able at not exceeding one point above the issue price or in
bonds of the United States Government or of the State of
Maryland; and bonds issued under this Act when purchased
for the Sinking Fund shall not be cancelled and destroyed, but
shall be immediately stamped to show that they belong to the
Sinking Fund and shall be held and treated as other outstand-
ing bonds bearing interest, and the interest thereon shall be
paid into the Sinking Fund until their maturity and at