ALBERT C. RITCHIE, GOVERNOR, 445

struction work for the establishment of the sewerage system
and sewage disposal plant, the Commission is authorized to
borrow on promissory notes or certificates of indebtedness what-
ever amount may be necessary and proper, but at no time shall
this amount exceed the sum of three thousand dollars ($3, 000)
and for the purpose of providing funds for the construction
and establishment of said sewerage system and sewage disposal
plant, and for the purchase or condemnation of property and
rights-of-way said Commission is authorized and empowered to
issue bonds in such amounts as they may deem necessary to
carry on said work or any part of it; provided, however, that at
no time shall the amount of outstanding bonds be more than
eight per centum (8%) of the total assessable basis of the prop-
erty in the town assessed for county and municipal taxation.
Said bonds may be of such type and denomination and bear such
rate of interest, not exceeding five per centum per annum, as
said Commission may determine; provided that the interest on
said bonds shall be payable semi-annually and said bonds shall
mature in not more than 35 years from the date of issue, and
shall be forever exempt from State, county and municipal
taxation, and shall be a lien upon all assessable property within
the corporate limits. The bonds shall be dated as the Commis-
sion may decide and may be either serial or sinking fund bonds.
The Commission is authorized and empowered to sell the bonds
in any way they may deem proper, provided that at no time
may they sell said bonds at a price below par. They may be
sold either locally over the counter or by advertising or to a
responsible underwriter after advertisement.

SEC. 4. And be it further enacted, That for the purpose of
paying off the promissory notes and certificates of indebtedness
and retiring the bonds issued under this Act, and of paying
interest thereon, there may be levied against all the assessable
property within the municipality annually, so long as any of
said notes, certificates and bonds are outstanding, a tax sufficient
in amount to meet the interest on said notes, certificates and
bonds as it becomes due, and to pay the principal thereof as
they mature, not in excess of ten cents per $100 of assessed
value over and above the limit for Corporate levy now fixed by
law or such part of said amount as may not be raised by annual
front foot assessments, as hereinafter provided under Section 5,
said tax to be fixed, levied and collected in the same manner
as other municipal taxes now are or may be hereafter levied
and collected in said town. The taxes levied under this Act