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Session Laws, 1950
Volume 587, Page 308   View pdf image (33K)
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308 LAWS OF MARYLAND [CH. 42

such sealed proposals, as many of said bonds as may have
been so bid for shall be awarded by The County Commis-
sioners of Dorchester County to the highest responsible
bidder or bidders therefor, for cash, at not less than par, if
the prices are adequate in the judgment of said The 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 together,
in excess of said whole amount, such bonds shall be award-
ed to such highest 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, in the judgment of the said The County
Commissioners, the said The County Commissioners may
reject any or all bids for said bonds, and such bonds subse-
quently may be disposed of under the direction of The
County Commissioners of Dorchester County at private
sale, upon the best terms that can be obtained for the
same; provided that such bonds shall not be sold at private
sale for less than par and accrued interest. All payments
of the purchase price of said bonds shall be made to the
County Treasurer of Dorchester County.

SEC. 6. And be it further enacted, That out of the
actual cash proceeds from the sale of any of said bonds or
from said promissory notes or certificates of indebtedness,
shall be paid first the cost of printing and other outlays
and expenses and charges connected with the issue of the
same, and the entire balance of said actual cash proceeds,
together with any interest that may be received on the
same, shall be retained by the County Treasurer of Dor-
chester County until needed to pay for the purchase of land
for and the erection and construction of, new school build-
ings, payment of architect's and other professional fees in
connection therewith, alteration, repair and equipping of
School Buildings in Dorchester County.
SEC. 7. And be it further enacted, That The County
Commissioners of Dorchester County, for the purpose of
redeeming said promissory notes, certificates of indebted-
ness and/or bonds at their maturity, and for the purpose
of securing the prompt payment of interest thereon, shall
levy annually such tax on the assessable property of Dor-
chester County as shall be necessary to pay the interest on
any such notes, certificates and/or bonds that may be is-
sued and outstanding hereunder, as the same shall become
due and payable, and also, in addition thereto, the said The
County Commissioners shall levy annually a tax upon the


 

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Session Laws, 1950
Volume 587, Page 308   View pdf image (33K)
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