PHILLIPS LEE GOLDSBOROUGH, GOVERNOR. 1069

cause and exempt from all taxation, and shall bear interest not
to exceed five per cent, per annum, payable semi-annually. They
shall run for a period of not exceeding twenty-five years, and
shall be signed by the President of the County Commissioners
of said County, countersigned by the Clerk of the said Board
with the Corporation seal of said Board of County Commission,
ers affixed, and shall contain a distinct reference to the Sewer-
age and Drainage district or area for which issued.

The bonds issued under this Act shall be a first lien upon all
land and improvements thereon, within the said district or area,
subject only to the lien for regularly levied State and County
taxes, and regularly levied municipal taxes were levied against
land within an incorporated municipality, existing at the date
of said bonds.

468-J. And be it further enacted, That all moneys received
from the sales of Sewerage and Drainage Bonds by the County
Commissioners shall, after the expenses incident to surveys, elec-
tion, and advertisement, are deducted, be deposited as a sepa-
rate account in the responsible bank or banks or financial insti-
tion or institutions offering the best interest investment, for such
period as the entire amount or part of the entire amount of the
let 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 finan-
cial institution of recognized standing offering the best interest
investment; provided, however, that said Commissioners may
use any of said funds, except that raised by maintenance
charges or rentals, for the purchase and cancellation of bonds
issued under this Act, or for the purchase on account of a sink-
ing fund, of municipal or State bonds, the income from which,
on a basis of purchase price, shall at least be equal to the in-
come from the same amount on deposit at the maximum rate of
interest obtainable.

468-K. And be it further enacted, That 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
drainage systems, for which the bonds were issued. The bids
shall be received upon such conditions and in such manner as