186 LAWS OF MARYLAND. [CH. 217

sioners by their order may pass. The advertisement shall
designate the place where bids will be received and shall
set a time for doing so not later than fifteen days after
the date of the last publication of said advertisement. All
accrued interest between the date of said bonds and the time
of sale and delivery of any payment for said bonds shall be
adjusted with the purchasers thereof. Upon the day
mentioned in said advertisement for opening the bids,
the County Commissioners of Baltimore County shall re-
ceive such sealed proposals for the purchase of such bonds
as may be designated in the advertisement. And on the
opening in public by the County Commissioners of such
sealed proposals, as many of said bonds &s may have
been so bid for shall be awarded by the County Commis-
sioners of Baltimore County to the highest responsible bid-
der or bidders therefor for cash, at not less than par, if the1
prices bid are adequate in the judgment of 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
awarded 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 insuffi-
cient price be bid for them in the judgment of the County
Commissioners, said County Commissioners may reject any
or all bids for said bonds, and they may be subsequently dis-
posed of under the direction of the County Commissioners
of Baltimore County at a private sale upon the best terms
that can be obtained for the same; provided they shall
not be sold at a 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.

SEC. 3. And be it further enacted, That out of the
actual cash proceeds from the sale of any of said bonds
shall be first paid the cost of printing and other outlays
and expenses and charges connected with their issue 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 Baltimore County,
until needed to pay for the erection and equipment of new
public school buildings in Baltimore County, the purchase
of any land necessary therefor, and the permanent im-
provement of old public school buildings in said County.
Said payments for the aforesaid purposes, and for no
other purposes, shall be made from time to time by the
County Treasurer to the Board of Education of Baltimore
County upon the order of the County Commissioners of