THEODORE R. McKELDIN, GOVERNOR                     13

to the highest responsible bidder or bidders therefor for cash, if the
prices bid are adequate in the judgment of the County Commission-
ers; 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 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 indebted-
ness, and of such periods of maturity, not exceeding fifty years, and
rates of interest, not exceeding (5%) 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 to have the corporate seal of Baltimore
County affixed thereto [. ], which may be a facsimile of the corporate
seal of said County. 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 section, exceed seven per centum (7%) of the total assess-
able basis of real and tangible personal property assessed for county
taxation purposes, within the Metropolitan District. Whenever the
Commissioners shall propose to borrow any sum of money pursuant
to the authority contained in this section, such power may be exercised
and bonds or certificates of indebtedness may be issued therefor with-
out submitting such proposal or such issue at a referendum of the
registered voters of Baltimore County for their approval or rejection.
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] 354, and, to the extent necessary, by a
levy annually against all taxable property in the Metropolitan Dis-
trict less the connection charges, other available funds, and front
foot assessments on hand and/or estimated to be received during such
year applicable to the payment of interest and retirement expenses,
for all the bonds issued, provided that in the event such sum so
levied shall not provide a sufficient sinking fund to retire all such
bonds as they mature, then the Commissioners shall levy annually
against all taxable property in Baltimore County a sufficient sum to
make up the deficiency. The Treasurer of Baltimore County is hereby
required to collect the tax so levied, in the same manner as State and
county taxes are collected, and such tax shall bear the same interest
and be subject to the same penalties in the event of non-payment,
as in the case of other county taxes. From the money so received,
together with the amount in hand to the credits of said bond fund from
the collections provided for in Section [335] 354, the Commissioners
shall first pay all interest on said bonds as it matures, and shall then
deposit in some bank, or banks in Baltimore County to the credit of
the Commissioners, as a fund to be known as the "Sinking Fund
Account", the amount so raised for the payment of the principal of