HARRY W. NICE, GOVERNOR. 1109

propriate resolution authorizing such exchange. All of the
bonds authorized to be issued by this Act shall be and re-
main exempt from State, County and municipal taxation
of every kind whatsoever in the State of Maryland.

SEC. 4. And be it further enacted, That the whole or
any part of the coupon bonds authorized to be issued pur-
suant to the provisions of this Act may be sold at public
or private sale, and in the event the Board of County Com-
missioners of Montgomery County shall determine to sell
any part of said bonds at public sale at any time, then and
in such event said Board of County Commissioners shall
advertise at least once a week for two successive weeks in
one newspaper published in the City of Baltimore, Mary-
land, and at least once a week for two successive weeks in
one newspaper published in Montgomery County, Mary-
land, and by such other advertisement as they shall think
proper, that they will be in readiness at the time and place
to be named in said advertisement within fifteen days after
the final publication thereof in said newspapers to receive
sealed bids for the bonds described in said advertisement,
under such regulations as the said Board of County Com-
missioners of Montgomery County by their order may pre-
scribe. Upon the day mentioned in said advertisement for
opening the bids for said bonds as described therein, the
Board of County Commissioners of Montgomery County
shall receive bids for the purchase of said bonds, and on
opening said bids in public the bonds so bid for shall be
awarded by the Board of County Commissioners of Mont-
gomery County, to the highest responsible bidder or bid-
ders therefor for cash, if the prices bid are adequate in
the judgment of the Board of County Commissioners of
Montgomery County, and when two or more bidders have
made the same bid and such bid is the highest and for the
whole amount of the bond so offered for sale, or taken to-
gether, are in excess of said whole amount, such bonds
shall be awarded to such highest responsible bidders bid-
ding the same price in a ratable proportion; and if any of
said bonds so offered for sale at any time are not bid for,
or if an insufficient price is bid for them, they may be sub-
sequently disposed of under the direction of the Board of
County Commissioners of Montgomery County at a private
sale upon the best terms that can be obtained for the same;
provided, however, that nothing herein contained shall be
construed as preventing a private sale of all or any part
of said bonds, and said Board of County Commissioners
of Montgomery County are hereby expressly authorized