560 LAWS OF MARYLAND. [CH. 243

shall be adjusted with the purchasers thereof. Upon the day
mentioned in said advertisement 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 advertisement. And on the open-
ing of such sealed proposals as many of said bonds as may
have been so bid for shall be awarded by the County Commis-
sioners of Baltimore 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 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 insuffi-
cient price be bid for them, they may be subsequently dis-
posed 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.

SEC. 4. And be it further enacted, That out of the actual
cash proceeds of the sale of any of said bonds shall be first paid
the cost of printing and other outlays connected with their
issue, and one-third of the balance of said actual cash proceeds
shall be immediately paid to the County Board of Education
of Baltimore County to be used by said Board in the erection
and equipment of new public school buildings and the perma-
nent improvement of old public school buildings in said county,
said one-third of said balance of the cash proceeds of the sales
of said bonds to be expended by the said County Board of
Education for the purposes herein named and for no other
purposes anywhere in Baltimore County according to the best
judgment and discretion of said County Board of Education.
Nothing contained in this section shall prevent said County
Board of Education from applying the proceeds from the
sale of any of said bonds payable to it in discharging any
indebtedness it may have incurred in the erection of new school
buildings and in permanent improvements during; the year
1922. The remaining two-thirds of the balance of said cash
proceeds of the sale of said bonds shall be deposited by the
County Treasurer in interest-bearing accounts in such bank