714                         LAWS OF MARYLAND.                  [CH. 277

in one newspaper published in Baltimore County, and by such
other advertisement as they shall think proper, that they will
be in readiness at a time and place to be named in said adver-
tisement within fifteen days after its expiration to receive sealed
bids for the bonds described in said advertisement, under such
regulations as the County Commissioners by their order may
pass. And all accrued interest between the date of said bonds
and the time of sale and delivery of and payment for said bonds
shall be adjusted with the purchasers thereof. Upon the day
mentioned in said advertisement for opening the bids for the
proposals thereby called for, the County Commissioners shall
receive such sealed proposals for the purchase of such bonds
as may be designated in the advertisement. And on the open-
ing in public of such sealed proposals as many of said bonds
as may have been so bid for shall be awarded by the County
Commissioners of Baltimore County to the highest responsible
bidder or bidders therefor for cash, if the prices bid are adequate
in the judgment of the County Commissioners; and when two
or more bidders have made the same bid and such bid is the'
highest and for the whole amount of the bonds so offered for
sale, or taken together in excess of said whole amount, such bonds
shall be awarded to such highest responsible bidders bidding the
same price in a ratable proportion; and if any of said bonds so
offered for sale are not bid for, or if any insufficient price be
bid for them, they may be subsequently disposed of under the
direction of the County Commissioners of Baltimore County at
a private sale upon the best terms that can be obtained for the
same; provided they shall not be sold at private sale for less
than par and accrued interest. All payments of the purchase
price of said bonds shall be made to the County Treasurer. Such
bonds shall be designated "Baltimore County Metropolitan Dis-
trict Bonds, " and shall be of such denomination or denomina-
tions and of such type, either serial bonds, sinking fund bonds,
or certificates of indebtedness or other evidences of indebted-
ness, and of such periods of maturity, not exceeding fifty-years,
and rates of interest, not exceeding 5 per centum, per annum, as
the Commissioners may deem advisable, said bonds to be signed
by the President of the County Commissioners of Baltimore
County and the Treasurer of said County and to have the cor-
porate seal of Baltimore County affixed thereto. Said bonds and
the interest payable thereon shall be and remain exempt from
State, county and municipal taxation. At no time shall the
total issue of bonds outstanding for any purpose, under this
Act, exceed seven per centum of the total assessable basis of
real and tangible personal property assessed for county taxa-
tion purposes, within the Metropolitan District. The payment
of interest on, and the retirement of, said bonds shall be provided
out of the funds received under the provisions of the preceding