WM. PRESTON LANE, JR., GOVERNOR. 1877

payment for said bonds shall be adjusted with the purchasers
thereof. Upon the day mentioned in any such notice of sale
or summary thereof 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 notice of sale or summary thereof.
And on the opening 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 Coun-
ty Metropolitan District Bonds", and shall be of such de-
nomination or denominations and of such type, either serial
bonds, sinking fund bonds, or certificates of indebtedness or
other evidences of indebtedness, and of such periods of ma-
turity, 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 corporate seal of
Baltimore County affixed thereto. Said bonds and the inter-
est 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 taxation
purposes, within the Metropolitan District. The payment of
interest on, and the retirement of, said bonds shall be pro-
vided out of the funds received under the provisions of the
preceding Section 335, and, to the extent necessary, by a
levy annually against all taxable property in the Metropoli-
tan District less the connection charges, other available
funds, and front foot assessments on hand and/or estimated