846                              Laws of Maryland                       [Ch. 588

method of determining the same, and the time when payable. Any
landowner may within fifteen days after the publication or posting
of such notice pay to the County Treasurer the full amount for which
his land is liable, to be ascertained from the report of the Watershed
Viewers, and have his lands and himself relieved from further lia-
bility for the particular improvement. Prior to issuing any bonds or
notes under this section, the Board of Directors shall deduct from
the estimated amount of bonds or notes to be issued, the amount or
amounts so paid in advance, and shall issue bonds or notes only in
the decreased amount. Any amount or amounts so paid in advance to
the County Treasurer shall be held by him in a separate fund, to be
added to the proceeds of the bonds or notes issued and to be ex-
pended with such proceeds to carry out the plan of watershed
improvements.

(c)   The Board of Directors shall certify to the County Commis-
sioners the amount of bonds or notes which are to be issued. Along
with such certification the Board of Directors shall submit a tax roll
of all properties for which payments have not been made, showing
for each landowner the full amount, less interest, for which his land
is liable. The total of these amounts for the several landowners shall
equal the amount so certified to the County Commissioners.

(d)  The Board of Directors shall thereupon proceed to issue bonds
or notes, in the amount which has been certified to the County Com-
missioners. All bonds or notes issued under this section shall be sold
under the serial maturity plan and shall have a maturity date not
over twelve years from the date of issue, and no such bonds or notes
shall be sold for a price less than par. Such bonds or notes may be
sold at either public or private sale, and the form, date, interest rate
or rates, and all other details incident to the offering, sale, execution
and delivery of the bonds, within the limitations above set forth,
shall be within the discretion of the Board of Directors. Bonds issued
under the provisions of this section shall be exempt from the provi-
sions of Article 31, Sections 9 to 11, inclusive, of the Annotated
Code of Maryland (1957 Edition) as amended from time to time. The
proceeds therefrom shall be paid over by the Board of Directors to
the County Treasurer, who shall retain them in a special fund to be
disbursed only upon warrant of the Board of Directors. The proceeds
therefrom shall be devoted entirely to carrying out the plan of
watershed improvements, except that any surplus resulting there-
from shall be used in the redemption of said bonds.

(e)  The Board of Directors shall certify to the County Commis-
sioners and to the County Treasurer the total amount due each year
for the redemption of the bonds or notes so issued including all pay-
ments of principal and interest. The County Treasurer shall compute
each year the amount due from each individual landowner, based
upon the amounts shown in the watershed tax roll, in such manner
that the total of amounts individually due shall equal in any year
the aggregate sum required in that year for the redemption of the
bonds or notes and interest. The County Treasurer shall include in
his regular tax bill for each taxable, the sum as so computed. Such
watershed taxes shall be due and collectible at the same time and in
the same manner as county taxes, and shall be liable to the same
interest and penalties for late payment or non-payment.