1236 LAWS OF MARYLAND. [CH. 588

debtedness or other obligations shall be one of the list here-
inafter designated for retirement or refunding, and pro-
vided finally that the County Commissioners of Montgomery
County shall adopt an appropriate resolution authorizing
such exchange. All of the bonds authorized to be issued
by this Act shall be and remain 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
two newspapers 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
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 Commission-
ers of Montgomery County by their order may prescribe.
Upon the day mentioned in said advertisement for open-
ing the bids for said bonds as described therein, the Board
of County Commissioners of Montgomery County shall re-
ceive 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 Montgomery
County, to the highest responsible bidder or bidders there-
for for cash, if the prices bid are adequate in the judg-
ment of the Board of County Commissioners of Montgom-
ery 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 bonds so offered for sale, or taken together
are 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 at any time are not bid for, or if an
insufficient price is bid for them, they may be subsequently
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;