1328 LAWS OF MARYLAND. [CH. 539

less than par and accrued interest. All payments of the pur-
chase price of said bonds shall be made to the County Treas-
urer. Such bonds shall be designated "Baltimore County
Metropolitan District Bonds, " and shall be of such denomina-
tion or denominations and of such type, either serial bonds,
sinking fund bonds, or certificates of indebtedness or other
evidences of indebtedness, and of such periods of maturity, not
exceeding fifty years, and rates of interest, not exceeding 5
per cent, per annum, as the Commissioners may deem advis-
able, said bonds to be signed by the President of the County
Commissioners of Baltimore 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 outstand-
ing for any purpose, under this Act, exceed seven per centum
of the total assessable basis of real and tangible personal prop-
erty assessed for county taxation purposes, within the Metro-
politan District. The payment of interest on, and the retire-
ment of, said bonds shall be provided for in the following
manner: At least thirty days before the regular annual levy
day the Commissioners in each year shall estimate the amount
necessary to pay the interest on all outstanding bonds for the
ensuing year, plus such amount as may be necessary to retire
all such bonds maturing during the year for which the taxes are
levied, or to provide a sinking fund sufficient to retire all such
bonds as they mature, and shall levy annually against all tax-
able property in the water, sewerage or drainage sub-district as
hereinbefore provided for such amount, less funds in hand,
applicable to the payment of interest and retirement expenses,
for all the bonds issued to defray the cost of the water, sewer-
age or drainage sub-district so improved or benefited, pro-
vided that in the event such sum so levied on the water, sewer-
age or drainage sub-district shall not provide a sufficient sink-
ing 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 hereby required to col-
lect 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-pay-
ment, 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 9,