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Session Laws, 1929
Volume 572, Page 1223   View pdf image (33K)
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ALBERT C. RITCHIE, GOVERNOR. 1223

the said bonds shall have written or printed on them a distinct
reference to the Act authorizing the issue, and shall be desig-
nated as "Public Road Bonds of Kent County, 1929. "

SEC. 2. And be it further enacted, That the said County
Commissioners of Kent County are hereby authorized and em-
powered to issue the said bonds and sell the same at such time
and in such amounts as they may deem advisable to meet pay-
ments incurred by the State Roads Commission of Maryland
in connection with the construction and improvement of roads
and bridges in Kent County. The said bonds shall be issued
in series maturing as said County Commissioners shall deter-
mine, but none of said bonds shall be issued for a longer period
than fifteen years from the date of issue.

SEC. 3. And be it further enacted, That in order to provide
for the selling of said bonds to be issued under the provisions
of this Act, the said Board of County Commissioners of Kent
County, or a majority of them, are hereby directed to advertise
once a week three successive weeks before the bonds or any part
thereof shall be issued in such newspapers as may be determined
by the said Board, that the said Board of County Commissioners
will be in readiness at a certain time within fifteen days after
the expiration of said notice to receive bids at such place as
may be named in said advertisements, for bonds issued under
the provisions of this Act, under such regulations as may be
made in the discretion of said County Commissioners, or a
majority of them, and the accrued interest between the date
of the bonds and the time of sale and delivery of, and payment
for, said bonds shall be adjusted with the purchaser or pur-
chasers thereof under such regulations as may be made in the
discretion 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 ma-
jority of them, to the highest responsible bidder or bidders
therefor, for cash, if the prices bid are adequate in the judg-
ment of the said County1 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 bidders bidding the same price in a ratable pro-
portion; and if any of said bonds so offered for sale are not bid


 

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Session Laws, 1929
Volume 572, Page 1223   View pdf image (33K)
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