HERBERT R. O'CONOR, GOVERNOR. 1463

SEC. 3. And be it further enacted, That the Mayor and
Town Council of Oakland may sell said bonds either at
public or private sale, as they may determine, at a price
not less than the par value thereof. If said Mayor and
Town Council of Oakland determine to sell said bonds at
public sale they shall cause proper advertisement to be
made stating the time and place where bids, conditioned
as the said Mayor and Town Council may require, will be
opened for the sale of said bonds as a whole or in parts,
reserving unto itself the right to reject any and all bids.
Said bids shall be filed with the Clerk of said town and at
the time and place advertised shall be opened by him in
the presence of the Mayor and Town Council and if said
bids be satisfactory to the Mayor and Town Council they
shall sell said bonds, or any part thereof, to the highest
bidder or bidders, therefor, of whose ability to comply
with the terms of said sale the said Mayor and Town
Council, in their discretion, are satisfied. If said bonds be
sold in either of the manners provided, the proceeds there-
of shall be used by said Mayor and Town Council to pay
off and redeem all of the outstanding Water and Sewerage
Bonds issued under the provisions of Chapter 277 of the
Acts of the Assembly of 1908, the Reservoir Bonds issued
under the provisions of Chapter 218 of the Acts of 1935
and the Community Building Bonds issued under the pro-
visions of Chapter 5 of the Acts of 1939, together with all
accrued interest thereon.

SEC. 4. And be it further enacted, That the principal
amount of said bonds issued shall not be in excess of the
amount of the outstanding bonds issued under the provi-
sions of the Acts of Assembly herein mentioned, with
accrued interest thereon computed to the date of. such
bonds but the validity of the bonds issued hereunder shall
not be dependent upon the validity of such bonded indebt-
edness nor upon the application of the proceeds to the
retirement of the same.

SEC. 5. And be it further enacted, That the full faith,
credit and resources of said town shall be pledged for the
payment of said bonds and the interest thereon as the
same respectively mature and for the purpose of paying
such interest as it falls due and also to pay and discharge
the principal of said bonds at the maturity, the said Mayor
and/Town Council of Oakland shall levy an annual tax upon
all the assessable property in said town in each of the
years while said bonds, or any of them, are outstanding,
sufficient for that purpose; provided, that said town shall
each year apply such amount of^the revenue of the water