1306 LAWS OF MARYLAND. [CH. 553

visions of this Act, the said Board of County Commissioners
of Montgomery County, or a majority of them, are hereby
directed to advertise once a week for four successive weeks
before said 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 purchasers thereof under such
regulations as may be made in the discretion of said County
Commissioners, or a majority of them. And at the time men-
tioned 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 pur-
chase of as many of such bonds as may be mentioned or desig-
nated 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 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 bidders bidding the same price in a ratable pro-
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 disposed 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; pro-
vided said bonds shall not be sold at private sale for less than
par and accrued interest, and provided further that said
County Commissioners, in their discretion, shall have the right
to reject any and all bids.

SEC. 4. And be it further enacted, That the actual cash
proceeds of the sale of said bonds shall be used exclusively
for the following purposes, to wit: