HARRY W. NICE, GOVERNOR. 491

by and fulfill any judgment on such appeal or further pro-
ceeding.

SEC. 3. And be it further enacted, That the said bonds
shall be issued in such denominations as the President and
Commissioners of North East deem best, with the coupons
attached thereto for the payment of interest thereon semi-
annually on the first days of April and October in each and
every year until the maturity thereof, said coupons to bear
the signature of the President and the Clerk to the Presi-
dent and Commissioners of North East printed or written
thereon. Said bonds shall be dated the first day of April,
1935, shall bear interest from the date thereof at a rate not
to exceed five per centum per annum, payable semi-annu-
ally, and shall be forever exempt from municipal, 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. Provide^,
that if for any reason, the commencement of the work of
constructing the system of water supply and/or system of
sewage disposal, including sewerage disposal plant, shall be
delayed beyond April 1, 1935, that the said President and
Commissioners of North East 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 thirty-five
years from their date if sinking fund bonds; and provided,
further, that the President and Commissioners of North
East, 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 North East shall advertise the same
in at least one newspaper published in Cecil County, and in
one newspaper published in the City of Baltimore, inviting
sealed proposals for the purchase of said bonds, or any part
thereof, with the privilege of said President and Commis-
sioners of North East to reject any and all bids. The Pres-
ident and Commissioners of North East aforesaid may ad-
vertise 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