ALBERT C. RITCHIE, GOVERNOR. 29

bonds and the time of sale and delivery of, and payment for,
said bonds, shall be adjusted with the purchaser or purchasers
thereof, under such regulations as may be made in the discre-
tion of said County Commissioners, or a majority of them; and
at the time mentioned in said advertisements as the time for
opening the bids for the proposals thereby called for, the said
County Commissioners shall receive such sealed proposals for
the purchase of as many of such bonds as may be mentioned or
designated in said advertisements: and on the opening of such
sealed proposals, as many of said bonds as have been so bid for,
shall be awarded by said County Commissioners, or a majority
of them, to the highest responsible bidder or bidders therefor,
for cash, if the prices bid are adequate in the judgment of said
County Commissioners, or a majority of them; and when two
or more bidders have made the same bid, and such bid is the
highest, and the bonds so bid for by the highest responsible
bidders are in excess of the whole amount of the bonds offered
for sale, such bonds shall be awarded to such responsible bid-
ders bidding the same price, in a ratable proportion; and if
any of said bonds so offered for sale are not bid for, or if an
insufficient price be bid for them, they may subsequently be dis-
posed of under the direction of said County Commissioners, or
a majority of them, at a private sale, upon the best terms they
can obtain for the same; provided said bonds shall not be sold
at private sale for less than par and accrued interest, and pro-
vided further that said County Commissioners, in their discre-
tion, shall have the right to reject any and all bids.

SEC. 5. And be it further enacted, That the actual cash pro-
ceeds of the sale of said bonds shall be used exclusively for the
following purposes, to wit:

(1) For the payment of the cost of the engraving or print-
ing of said bonds, and for the payment of the cost of the ad-
vertising authorized by this Act, and all other incidental ex-
penses connected with the issuance of said bonds.

(2) For the payment by said Board of County Commis-
sioners, of the purchase price or indebtedness incurred for the
purchase price, of the school sites already purchased by the
Board of Education of Howard County, at Ellicott City and
West Friendship.

(3) The remainder of the proceeds of the sale of said bonds
shall be paid over to the HOWARD COUNTY SCHOOL
BUILDING COMMISSION, as created by this Act, and shall