ALBERT C. RITCHIE, GOVERNOR.                  657

part thereof shall be issued in such newspaper or newspapers
as may be determined 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
bids at such place as may be named in said advertisements for
bonds issued under the provisions of this Act, under such regu-
lations as may be made in the discretion of said County Commis-
sioners, or a majority of them, and the accrued interest between
the date of the bonds and the time of sale and delivery of, and
payment for, said bonds shall be adjusted with the purchaser or
purchasers thereof under such regulations as may be made in
the discretion of said County Commissioners or a majority of
them, and at the time and place mentioned in said advertisement
as the time for opening the bids for the proposals thereby called
for, the County Commissioners shall receive such sealed pro-
posals for the purchase of as many of such bonds as may be men-
tioned or designated in said. advertisements, and on the opening
of such sealed proposals, 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 judg-
ment of said County Commissioners, or a majority of them; and
w/he»n two or more bidders have made the same bid and such
bid is the highest and the bonds so bid for by the highest re-
sponsible bidders are in excess of the whole amount of 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 Commission-
ers, or a majority 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 reject any and all bids.

SEC. 4. And be it further enacted, That the actual proceeds
of the sale of said bonds shall be used exclusively for the follow-
ing" 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 author-
ized by this Act and all other incidental expenses in connection
with the issuance of said bonds;

(b)   The remainder of the proceeds from the sale of said bonds
shall be deposited to the credit of the Treasurer of Calvert
County in a special account at interest in such bank or banks as
the said County Commissioners may determine; and checks
thereon and all withdrawals therefrom shall be upon the check
or written order of the said County Treasurer countersigned by