186 LAWS OF MARYLAND. [CH. 48

from the date of the issue thereof. Said bonds may be sold
after such advertisement and upon such terms and con-
ditions as said County Commissioners of Allegany County
may prescribe to the highest bidder or bidders therefor,
with the right reserved to said County Commissioners in
their discretion to reject any and all bids or in lieu of the
sale thereof, the said County Commissioners of Allegany
County shall have the power and are hereby authorized to
pledge the said bonds or any of them as collateral with
the United States of America or any agency thereof, or
with any other person, public or private, authorized to lend
money thereon, for a loan equal to a sum of not less than
the par value of the bonds so pledged, and if so issued and
pledged the said bonds shall be secured as to redemption
at maturity and payment of interest thereon in as full a
manner as though they had been sold at public sale; said
County Commissioners of Allegany County shall have the
power and are hereby authorized in their discretion not-
withstanding the provision of this Act in relation to the
advertisement of said bonds, or the pledging of the same,
to issue and sell said bonds or any part thereof at private
sale at not less than the par value thereof to the United
States of America or any agency thereof authorized and
willing to purchase the same.

SECTION 3. And be it further enacted, That the actual
proceeds of the sale of said bonds shall be used exclusively
for the following purposes:

(a) For the payment by the County Commissioners of
Allegany County of the cost of engraving or printing of
* said bonds and for the payment of the cost of advertising
authorized by this Act and all other incidental expenses in-
curred by the issuance of said bonds.

(b) The remainder of the proceeds from the sale of
said bonds shall be paid over to the Board of Education of
Allegany County, to be used by it for the purpose of build-
ing, equipping, heating, lighting, ventilating, and furnish-
ing a new public school building in Cumberland, Allegany
County, Maryland, and for acquiring such land as may be
necessary therefor, and such other expenses as may be inci-
dent thereto, and all of the proceeds remaining after the
payment of all costs and expenses incident to the erection
and equipment of said new school building, as aforesaid,
shall be expended by said Board of Education of Allegany
County for the permanent improvement of old school build-
ings in said County, and for no other purposes whatsoever,