514                         LAWS OF MARYLAND.                 [CH. 193

whole amount of seventy-eight thousand dollars shall have been
issued and sold. The said bonds shall be issued in series ma-
turing as said County Commissioners shall determine, but none
of said bonds shall be issued for a longer period than forty
years from the date of issue.

SEC. 3. And be it further enacted. That in order to pro-
vide for the selling of said bonds to be issued under the provi-
sions of this Act the said Board of County Commissioners of
Montgomery County, or a majority of them, are hereby di-
rected to advertise once a week two successive weeks before the
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
to be named in said notice to receive bids at such place as may
be named in said advertisement for bonds issued under the
provisions of this Act, under such regulations as may be made
in the discretion of said board, and the accrued interest be-
tween the date of the bonds and the time of sale and delivery
of and payment for said bonds shall be adjusted with the pur-
chaser or purchasers thereof under such regulations as may be
made in the discretion of said board; 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 Commis-
sioners shall receive such sealed proposals for the purchase of
as many of such bonds as may be mentioned or designated in
said advertisements; and on the opening of such sealed pro-
posals as many of said bonds as have been so bid for shall be
awarded by said County Commissioners, or a majority of them,
to the highest responsible bidder or bidders therefor, for cash,
if the prices bid are adequate in the judgment of the said Coun-
ty 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 bid-
ders 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 an insuffi-
cient price be bid for them, they may subsequently be disposed
of under the direction of said County Commissioners, or a ma-
jority of them, at a private sale upon the best terms they can
obtain for the same; and provided further, that said County
Commissioners, in their discretion, shall have the right to re-
ject any and all bids.