J. MILLARD TAWES, GOVERNOR                              1667

remain exempt from taxation by the State of Maryland and by the
counties, and municipalities of said State.

Sec. 3. And be it further enacted, That the proceeds from the sale
of said bonds shall be paid to the County Treasurer and shall be set
apart by him in an account or accounts to the credit of the "Caroline
County General Public School Construction Loan of 1961", and shall
be disbursed by him only for the purposes herein authorized, and upon
the order of the County Commissioners of Caroline County provided
that any accrued interest received from the sale of said bonds shall be
applied to the payment of the first maturing interest on said bonds.

Sec. 4. And be it further enacted, That for the purpose of paying
the interest on said bonds, and for redeeming the same as they mature
and become payable, the County Commissioners of Caroline County
shall levy annually a tax upon the assessable property of said Caroline
County sufficient to pay the annual interest on said bonds and to
redeem the same as they become due, until all of said bonds shall
mature and be redeemed. The taxes so levied shall be collected in the
same manner as other taxes are levied and collected in said county.

Sec. 5. And be it further enacted, That, Before proceeding to sell
any of said bonds at any time, the County Commissioners of Caroline
County shall advertise once a week for not less than two successive
weeks in one or more newspapers published and having a general
circulation in Caroline County, and by such other advertisements as
they shall think proper, that they will receive sealed bids for the
bonds described in said advertisement under such regulations as the
County Commissioners by their order may pass, and such advertise-
ment 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 pay-
ment for said bonds shall be adjusted with the purchasers thereof.
Upon the day and at the time mentioned in said advertisement for
opening the bids, the County Commissioners of Caroline County shall
receive such sealed proposals for the purchase of such bonds as may
be designated in the advertisement. Upon the opening in public by
the said county commissioners of such sealed proposals, as many of
said bonds as may have been so bid for shall be awarded by the
County Commissioners of Caroline 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 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 insufficient price be bid for them in the
judgment of the said County Commissioners, the said County Com-
missioners may reject any or all bids for said bonds. All payments of
the purchase price of said bonds shall be made to the County Treasurer
of Caroline County.

Sec. 6. And be it further enacted, That out of the actual cash
proceeds from the sale of any of said bonds shall be paid first the cost
of printing and other outlays and expenses and charges connected