54 LAWS OF MARYLAND. [CH. 27

must be sent under seal, accompanied by a certified check of
such amount as the said authorities may deem necessary and
proper. The contract shall be awarded to the lowest respon-
sible bidder upon the recommendation of the aforementioned
engineer, and the authorities are empowered and authorized to
enter into such agreement or contract with said successful bid-
der as to safely indemnify the town of Sharptown against any
and all loss which may ensue from the construction of said
water supply system. They shall demand bond of the suc-
cessful bidder to whatever extent they deem necessary and
proper, but in no case shall the amount thereof be less than the
contract price.

SEC. 3. And be it further enacted, That for the purpose of
providing funds for the construction and establishment of said
water supply system, and for the purchase or condemnation
of properties and rights of way, said authorities are authorized
and empowered to issue bonds in such amounts as they may
deem necessary to carry on said work or any part of it, pro-
vided, however, that at no time shall the amount of outstanding
bonds so issued be more than Thirty-five Thousand Dollars
($35, 000). Said bonds may be of such type and denomination
and bear such rate of interest, not exceeding five (5) per
centum per annum as said authorities may determine upon;
provided, that the interest on said bonds shall be payable semi-
annually and said bonds shall mature at a period not exceed-
ing fifty years from the date of issuance, and shall be forever
exempt from State, county and municipal taxation, and shall
be a lien upon all assessable property within the said town of
Sharptown. The bonds may be dated as the authorities may
decide, may be either serial bonds or sinking fund bonds, and
the authorities are authorized and empowered to sell the bonds
in any way they may deem proper; they may be sold either
locally over the counter, or by advertising, to a responsible
underwriter after advertisement, if this latter method is
elected.

SEC. 4. And be it further enacted. That for the purpose of
retiring the bonds issued under this Act and of paying interest
thereon, said municipal authorities may raise the necessary
funds to meet such obligations, either by levying a tax against
all the assessable property within the municipality served
annually so long as any of said bonds are outstanding, or may
provide for the whole or any part by the levy of a front foot
assessment charge on all property abutting on a street, road,