1018 LAWS OF MARYLAND. [CH. 532

amount of the bonds so offered for sale, such bonds shall be
awarded to the highest responsible bidders bidding the
same price in a ratable proportion, but the right is re-
served unto the County Commissioners of Talbot County
to reject any or all bids, and if any of such bonds so offered
for sale are not bid for or if an insufficient price be bid
for them, in the discretion of said Commissioners they
may be subsequently sold by said County Commissioners
for Talbot County at private sale, upon the best terms that
can be obtained for them and the accrued interest between
the date of said bonds and the time of the sale and delivery
and payment of said bonds shall be adjusted with the pur-
chasers thereof under such regulations as may be, in the
discretion of the County Commissioners, just and proper.
All payments of the purchase price of said bonds shall be
made to the County Treasurer of Talbot County.

SEC. 4. And be it further enacted, That after receiving
the purchase price for such bonds as may be sold and pay-
ing therefrom all the expenses of every character incident
to the issue, preparation, sale and delivery thereof, the
residue of said proceeds, excepting any accrued interest
thereon, which shall be set apart by said County Treasurer
for Talbot County for the payment of the next maturing
interest on said bonds, shall be applied as promptly as pos-
sible by the said County Treasurer to the payment of the
outstanding notes and accounts evidencing or constituting
the floating indebtedness of Talbot County and toward the
payment of current expenses of said Talbot County accru-
ing in the fiscal year ending June 30, 1933.

SEC. 5. And be it further enacted, That for the purpose
of paying the interest on the said bonds, and paying the
bonds themselves, as they respectively mature and are pay-
able, as hereinbefore provided, said County Commissioners
shall apply to the payment of said bonds and interest such
part of the moneys received in the collection of taxes now
due said county and in arrears, not heretofore levied for
and especially dedicated to the payment of outstanding
bonds, interest thereon and other purposes fixed by law,
as might be necessary for the purpose of paying said bonds
and interest, and the County Treasurer for Talbot County
shall deposit to a special account in some bank or banks, to
be called "Floating Debt Refunding Account, 1933, " all such
tax collections to be applied to the payment of the bonds
and interest thereon to be issued and sold in pursuance of
this Act, all Acts or parts of Acts, contrary to the provi-