636                              Laws of Maryland                       [Ch. 460

Article 31 but which shall state where interested parties may obtain
a complete copy of any such notice of sale. Each such notice of
sale may also contain a brief summary of pertinent current financial
information or indicate from whom such information may be ob-
tained. The ordinance or resolution authorizing the issuance of the
aforesaid bonds shall state the drainage area in which any storm
water or surface water drainage system is to be built and shall
describe generally said systems for which funds are to be provided'
by the issuance of such bonds. All accrued interest between the
date of said bonds and the time of sale and delivery of and 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 for sale or sum-
mary thereof. 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 Anne Arundel 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 responsible 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 di-
rection of the County Commissioners of Anne Arundel 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. Such bonds shall be designated "Anne
Arundel County Storm Drainage 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 forty
years, and rates of interest, not exceeding 5 per centum per annum,
as the Board of County Commissioners may deem advisable, said
bonds to be signed by the President of the Board of County Com-
missioners of Anne Arundel County and the seal of Anne Arundel
County to be affixed thereto. Said bonds and the interest payable
thereon shall be and remain exempt from State, county and municipal
taxation. The payment of interest on, and the retirement of, said
bonds shall be provided out of the funds received under the pro-
visions of Sections 8 and 8A of this Act, provided, however, that if
the funds so received shall not provide a sufficient amount to retire
all of such bonds as they mature together with the interest thereon
as the same becomes due, then the Board of County Commissioners
of Anne Arundel County shall levy annually against all taxable
property in Anne Arundel County a sufficient sum to make up the
deficiency. The proceeds from the sale of the bonds authorized to
be issued by this Act, less related expenses of issue, including legal
fees, shall be paid to the Treasurer of Anne Arundel County and
shall be expended in accordance with the terms and conditions con-
tained in this Act.

8A. For the purpose of providing funds for the payment of
principal and the interest on the bonds issued by the Board of