'982                         LAWS OF MARYLAND.                  [Cxi. 394

County line, following the Patapsco River, to the place of
beginning.

SEC. 2. And be it further enacted, That in order to pro-
vide the funds necessary to provide a water supply distribu-
tion system for the residents in the special taxing area or dis-
trict created by Section 1 of this Act, the Board of County
Commissioners of Howard County is hereby authorized and
empowered to borrow money on the faith and credit of said
county and to issue and sell serial coupon bonds therefor to an
amount not exceeding seven per cent. (7%) of the assessable
property in said area or district; said bonds to be issued in
denominations of one thousand dollars ($1, 000) or any mul-
tiple thereof, to bear interest at a rate not exceeding five per
cent. (5%) per annum, payable semi-annually, to be issued
at such time and in such sums as the said Board of County
Commissioners shall determine; the said bonds to be signed
by the president of the said Board of County Commissioners
and by the treasurer of said county and to have the corporate
seal of said Howard County affixed thereto, and the coupons
attached to said bonds for each of the semi-annual interest pay-
ments shall be signed by the president of the said Board of
County Commissioners, the said signature to be either printed
or written thereon. The said loan authorized by this Act and
the interest payable thereon shall be exempt from State, county
and municipal taxes and shall be and remain a direct obliga-
tion of Howard County, and the faith and credit of said county
is hereby pledged to its payment when due. In issuing said
bonds the said Board of County Commissioners shall so issue
them that, beginning three years from the date of issue of
same, not less than two thousand dollars ($2, 000) thereof shall
become due and be paid annually thereafter until all of said
bonds shall mature and be paid.

SEC. 3. And be it further enacted, That the bonds author-
ized by this Act shall be sold, after due advertisement by the
said Board of County Commissioners, to the highest responsi-
ble bidder or bidders, ' for cash, provided the said Commis-
sioners shall have the right to reject any and all bids, and the
proceeds from the sale of said bonds shall be used exclusively
for the following purposes:

(1) For the payment of the cost of engraving or printing
of said bonds, the cost of advertising the sale thereof and the
cost of holding the special election authorized by this Act.