HERBERT R. O'CONOR, GOVERNOR. 1021

lowest rate of interest in any legally acceptable bid, said low-
est rate of interest to be determined on the basis of the lowest
interest cost to the county of said bonds so offered, account-
ing from their date of issue to the last date of maturity of
any of said bonds so offered. Upon the day mentioned in
said advertistment for opening the bids for said bonds, as
described therein, said Board of County Commissioners shall
receive all bids tendered for the purchase of said bonds and
upon opening said bids in public the bonds so bid for shall
be awarded by said Board of County Commissioners to the
highest responsible bidder or bidders therefor for cash if the
prices bid are adequate, in the judgment of said Board of
County Commissioners, 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 to-
gether, are in excess of said whole amount, said bonds shall
be then 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 subsequently be
disposed of under the direction of said Board of County Com-
missioners 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
any of said bonds, and said Board of County Commissioners
is hereby expressly authorized and empowered to issue and
sell all or any part of said bonds at any time or from time
to time either at public sale or by private negotiation, upon
such terms, at, above or below the par amount thereof as said
Board of County Commissioners may, in its sole discretion,
determine to be for the best interests of the people of Mont-
gomery County. All interest accrued between the date of
said bonds, or any series thereof, and the time of the delivery
of any payment for the same shall be adjusted with the pur-
chaser thereof to the date of such payment. All payments of
the purchase price for such of said bonds as may be sold
shall be made to Treasurer of Montgomery County and shall
by him be deposited in one or more banks or trust companies
located in Montgomery County in a special account or ac-
counts to be designated, "Board of Education; 193941 School
Construction Account", and the funds so deposited shall be
withdrawn from said account only upon the order of the
Board of Education of Montgomery County for the purposes
hereinafter specified.

SEC. 5. And be it further enacted, That the proceeds of the
sale of the bonds authorized to be issued pursuant to this Act
shall be expended as follows: