720 LAWS OF MARYLAND. [CH. 211

be sealed with the corporate seal and signed by the President
of the Board of Commissioners and countersigned by the Treas-
urer thereof. They shall be numbered consecutively and be-
ginning three (3) years from the date of issuing of said bonds
under this Act, the Commissioners of Preston shall retire an-
nually five hundred dollars ($500. 00) of said bonds for a
period of ten (10) years. After the expiration of the ten (10)
rear period, the Commissioners of Preston shall have the privi-
lege of retiring annually any or all of the outstanding bonds
but not less than five hundred dollars ($500. 00) of said bonds
must he retired annually; said bonds shall bear interest
at the rate of five per cent, per annum, payable on the
first day of January and July of each year on the pre-
sentation of interest coupons to be issued with said bonds,
and shall be exempted from all State, county and munic-
ipal taxation. Sealed bids for the purchase of said bonds shall
be invited by advertisement in one or more newspapers as the
said Commissioners may determine, giving at least two weeks'
notice of the time and place of opening such bids. The bids
shall be opened by the Commissioners of Preston at the place
and time specified in the advertisement, and the Commission-
ers of Preston shall accept the bid of the highest responsible
bidder, provided his bid be not less than par and accrued inter-
est; but if the highest bid be less than par and accrued inter-
est, said bonds may be sold by the Commissioners of Preston
at private sale. The purchase price accepted for said bonds
shall be paid to the Treasurer of the Commissioners of Preston
in his official capacity, and the bonds shall be delivered by him
to the purchaser or purchasers thereof.

SEC. 2. And be it further enacted, That the Commissioners
of Preston be and they are hereby authorized, empowered and
directed, with the proceeds of sale of said bonds, to establish
and construct waterworks in the town of Preston capable of
furnishing the residents of said town with a good and sufficient
supply of water for ordinary purposes and for fire protection;
and to make contracts for the construction thereof, and shall
have all powers necessary or appropriate for said purpose and
for the constructing, working, maintaining and keeping in re-
pairs such waterworks.

SEC. 3, And be it further enacted, That the Commission-
ers of Preston shall have full power and authority to acquire
by purchase, lease, gift, devise, or by condemnation in the
manner prescribed in Sections 399 to 405, inclusive, of Arti-