THEODORE R. MCKELDIN, GOVERNOR 259

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] Subject to the provisions of Section 356A of this Title,
upon 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 "Balti-
more County Metropolitan District Bonds", and shall be of
such denomination 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 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, which may be by facsimile, [and the
Treasurer of said County] and to have the corporate 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 taxation 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 Section 335, and, to the extent
necessary, by a levy annually against all taxable property
in the Metropolitan District less the connection charges,
other available funds, and front foot assessments on hand
and/or estimated to be received during such year applica-