HARRY HUGHES, Governor                               3091

the counties, to the credit of the county council and
commissioners of both counties and the commission, as a
joint fund to be known as "sinking fund account," the amount
so raised for the payment of the proportionate part of the
principal of such sinking fund bonds.

(b)  [Said] THE commission and the respective county
council and commissioners shall, from time to time, invest
[said] THE sinking fund in any bond or bonds in which
savings or trust funds are authorized to be invested by
national banks by the U.S. treasury department. Should
receipts from [said] THE tax or other sources be inadequate
to pay the principal of [said] THE serial bonds maturing in
[said] THE taxable year and to deposit the principal payment
on [said] THE sinking fund bonds, by reason of defaults or
otherwise, such deficiency, shall be added to and collected
in the next year's tax. The [said] commission is authorized
to pay the interest on any bonds it may issue prior to the
first tax levying period out of the proceeds of the sale of
[said] THE bonds. For the purpose of paying the principal
and/or interest of bonds due or to become due within four
months and for paying the interest maturing on any bonds
within four months and not otherwise adequately provided
for, or for meeting payments required to be made to its
employees and laborers and not otherwise provided for, the
commission may borrow money in anticipation of taxes, sale
of bonds or other revenue of the fiscal year in which the
loan is made or in anticipation of the taxes, sale of bonds
or other revenue of the next succeeding fiscal year, and
such loan shall be payable not later than the end of the
fiscal year next succeeding the year in which the loan was
made. Negotiable notes shall be issued for all money so
borrowed, which notes may be renewed from time to time, and
money may be borrowed upon new notes from time to time for
the payment of any indebtedness evidenced thereby; but all
such notes and loans shall mature within the time limited
for the payment of the original loan. [No money shall be so
borrowed at a rate of interest exceeding five per centum
(5%) per annum.] Such notes may be disposed of in such
manner as the commission may determine, provided, however,
that there shall never be outstanding at any one time any
such notes in an aggregate amount in excess of an amount
equal to the total principal of and interest on bonds of the
sanitary district provided to be due and payable in the
fiscal year in which such notes are issued. All such notes
shall be authorized by resolution of the commission, which
shall fix the actual or maximum face amount of the notes,
the actual or maximum rate of interest to be paid upon the
amount borrowed and the actual or approximate maturity of
the notes. The form and manner of execution of such notes
shall be determined by the commission.

(c)  In order that the prompt payment of interest and
the proper provision for the payment of the principal of
[said] THE bonds and notes shall be assured, the prompt and
proper performance of the respective acts and duties
heretofore defined is specially enjoined, and any failure