ALBERT C. RITCHIE, GOVERNOR. 51

presence of two members of the Board of Education of Bal-
timore County, shall receive such sealed proposals for the pur-
chase of such bonds as may be designated in the advertise-
ment. And on the opening of such sealed proposals by the
said County Commissioners of Baltimore County as many of
said bonds as may have been so bid for shall be awarded by the
County Commissioners 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 of
Baltimore County, and when two or more bidders have made
the same bid and such hid 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 direction
of the County Commissioners of Baltimore County at a pri-
vate 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 of Balti-
more County.

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 the entire balance of said actual cash proceeds
shall be immediately paid to the Board of Education of Balti-
more County to be used by said Board in the erection and
equipment of new public school buildings and the purchase of
land necessary therefor and the permanent improvement of
old public school buildings in said county, the said balance of
the cash proceeds of the sales of said bonds to be expended by
the said Board of Education of Baltimore County 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. The said
Board of Education shall annually report the receipt and ex-
penditure of money received from the proceeds of the sale of
the bonds aforesaid, the same as the said Board now reports
annually as provided by law the expenditure of other funds
paid to said Board for public school purposes.