ALBERT C. RITCHIE, GOVERNOR. 147

dated the first day of April, 1924, shall bear interest from the
date thereof at a rate not to exceed 5 per cent, per annum, pay-
able semi-annually, and shall be forever exempt from munici-
pal, county and state taxation. The said bonds may be either
serial bonds or sinking fund bonds, and if serial bonds, shall be
so issued as to mature in thirty years from their date; but if
said bonds are sinking fund bonds, they shall be so issued as to
mature in thirty-five years from their date. Provided, that if
for any reason, the commencement of the work of constructing
the water supply system shall be delayed beyond April 1, 1924,
that the said President and Commissioners of Northeast are
authorized, empowered and directed to date all of said bonds
at such period of any year in which the work of construction is
being started, as may be suitable, and to fix the maturity of
said bonds at thirty years from their date if serial bonds, and
at thirty-five years from their date if sinking fund bonds; and
provided, further, that the President and Commissioners of
Northeast may, at their option, redeem any or all of said bonds
at any time after thirty years from their date of issue.

SEC. 4. And be it further enacted, That when said bonds
shall be executed as herein prescribed, the said President and
Commissioners of Northeast shall advertise the same in at least
one newspaper published in Cecil County, and in one news-
paper published in the City of Baltimore, inviting sealed pro-
posals for the purchase of said bonds, or any part thereof, with
the privilege of said President and Commissioners of Northeast
to reject any or all bids. The President and Commissioners of
Northeast aforesaid may advertise the said bonds for such
length of time as in their discretion is adequate notice to the
public, and may offer all of said bonds for sale at the same time,
and may offer them at different intervals, in such installments
and amounts as they may deem advantageous to said town in
carrying on the work of constructing or acquiring the property
for which the same are issued. The money arising from the
sale of said bonds shall be kept as a separate fund by the Presi-
dent and Commissioners of Northeast, to be exclusively used
for the purpose of this Act, and all taxes, charges and assess-
ments levied and collected as hereinafter provided for the pay-
ment of the interest and principal of said bonds shall be like-
wise kept as a separate fund by said President and Commis-
sioners of Northeast. Said bonds shall be a lien on all of the
property within or outside of the corporate limits of Northeast,