HERBERT R. O'CONOR, GOVERNOR. 143

cates of indebtedness or other obligations shall agree to sur-
render the same for retirement or refunding, and provided
further that the governing body of such town 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 pursuant to
the provisions of this Act may be sold at public or private sale,
and in the event the governing body of such town shall de-
termine to sell any part of said bonds at public sale at any
time, then and in such event said governing body shall adver-
tise at least once a week for two successive weeks in one news-
paper published in the City of Baltimore, Maryland, and at
least once a week for two successive weeks in one newspaper
published in Prince George's County, Maryland, and by such
other advertisement as they shall think proper, that they will
be in readiness at the time and place named in said advertise-
ment 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
governing body of such town by their order may prescribe.
Upon the day mentioned in said advertisement for opening the
bids for said bonds as described therein, the governing body of
such town shall receive bids for the purchase of said bonds
and on opening said bids in public the bonds so bid for shall
be awarded by the governing body of such town, to the highest
responsible bidder or bidders therefor for cash, if the prices
bid are adequate in the judgment of the governing body of
such town, 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 governing body of such town at a private sale upon the
best terms that can be obtained for the same; provided, how-
ever, that nothing herein contained shall be construed as pre-
venting a private sale of all or any part of said bonds, and
said governing body of such town are expressly authorized and
empowered to issue and sell all or any part of said bonds at
any time, and from time to time, either at public or private
sale, and upon such terms at, above or below the par amount
thereof, as said governing body of such town may, in their sole