ALBERT C. RITCHIE, GOVERNOR.                1275

once a week for three successive weeks before the bonds or any
part thereof shall be issued in such newspapers as may be de-
termined 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 sealed
bids at such place as may be named in said advertisements, for
bonds issued under the provisions of this Act, under such reg-
ulations as may be made in the discretion of said County Com-
missioners, or a majority of them, and the accrued interest
between the date of the bonds and the time of payment shall
be adjusted with the purchaser or purchasers thereof; and at
the time mentioned in said advertisements as the time for
opening the bids, the said County Commissioners shall receive
such sealed bids for the purchase of as many of such bonds as
may be mentioned or designated in said advertisement; and on
the opening of such sealed bids, as many of said bonds as have
been so bid for shall be awarded by said County Commission-
ers or a majority of them, to the highest responsible bidder or
bidders thereof, for cash, if the prices bid are adequate in the
judgment of the 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
proportion; and if any of said bonds so offered for sale are not
bid for, or if any 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 that can be obtained for the same, provided that
no bonds shall be sold at a private sale at less than par value
and accrued interest; and provided further, that the said Coun-
ty Commissioners, in their discretion, shall have the right to
reject any and all bids.

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

(a)     For the payment 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 con-
nection with the issuance of said bonds;

(b)     The remainder of the proceeds from the sale of the
said bonds shall be paid over to the Treasurer of Cecil County,,