CECIL COUNTY. 711

hour and at such place named in said advertisement, when
the award or awards shall be made to the highest bidder or
bidders therefor; but said President and Commissioners may
reject any or all of said bids to be made as aforesaid. All bids
shall be accompanied by a certified cheque for ten per cent, of
the amount of such bid, and the cheques of the unsuccessful
bidders shall be immediately returned to them. None of said
bonds shall be sold for less than their par value, nor shall said
President and Commissioners pay any commission in the sale
thereof.

SEC. 3. And be it enacted, That out. of the proceeds of the
sale of said bonds the said President and Commissioners shall
pay the said bonds issued under the said Act of 1894, amount-
ing to the sum of forty-seven hundred and fifty dollars, and
also out of said proceeds shall pay said floating debt to the
amount of twenty-five hundred dollars (if there be that amount
thereof) and that the remainder of said proceeds (together
with any premium received on the sale of said bonds) shall be
used for the purposes of said town corporation, as determined
by said President and Commissioners.

SEC. 4. And be it enacted, That for the redeeming of said
bonds to be issued hereunder, at their maturity, and for the
securing of the prompt payment of the interest coupons there-
on the said President and Commissioners shall annually, after
the issue of said bonds and until the maturity thereof, levy a
tax on the assessable property of said town of North East
sufficient to pay said interest on said bonds and also sufficient,
in addition thereto, to raise the sum of one hundred and fifty
dollars, to be annually set aside by said President and Com-
missioners to create a sinking fund for the redemption of said
bonds at the maturity thereof.

SEC. o. And be it enacted, That it shall be the duty of the
said President and Commissioners to annually deposit and
keep deposited (and to be annually compounded) said sums of
one hundred and fifty dollars raised by said levy as aforesaid,
in some national bank or savings institution, to the credit of
said sinking fund for the best interest that can be obtainable
therefor. It shall also be the duty of said President and Com-
missioners to require that said bank or savings institution, in
which said deposits shall be made, shall, for the safekeeping of
said deposits, give to said town corporation such security as
shall be satisfactory to said President and Commissioners;
when necessary to draw said deposits it shall be done only on
the cheque of said town corporation, signed by its President
and countersigned by its Treasurer, and should said President
and Commissioners or Treasurer, or any other person having