1170                           LAWS OF MARYLAND                     [CH. 468

Sec. 3. And be it further enacted, That in order to provide for
the selling of the Certificates of Indebtedness aforesaid, to be issued
under the provisions of this Act, the Board of Public Works is
hereby directed to advertise once before the said Certificates of
Indebtedness or any part thereof shall be issued in two newspapers
published in the City of Baltimore, and in such other manner as the
Board of Public Works in its discretion may determine, that the
Treasurer of this State will be in readiness at a time within twenty
(20) days after the expiration of said notice to receive bids at such
place or places as may be named in said respective advertisements
for bonds or Certificates of Indebtedness issued under the provisions
of this Act, under such regulations as may be made in the discretion
of the Board of Public Works; and the accrued interest between
the date of the bonds or Certificates of Indebtedness and the time
of sale and delivery of and payment for said bonds or Certificates
of Indebtedness shall be adjusted with the purchaser thereof under
such regulations as may be made in the discretion of the Board of
Public Works; and upon the day mentioned in said advertisement
as the date for opening the bids for the proposals thereby called
for they shall receive such sealed proposals for the purchase of as
many of such bonds or Certificates of Indebtedness as may be men-
tioned or designated in said advertisement; and on the opening of
such sealed proposals as many of said bonds or Certificates of
Indebtedness as have been, so bid for shall be awarded by the Board
of Public Works to the highest responsible bidder or bidders there-
for for cash, if the prices bid are adequate, in the judgment of the
Board of Public Works, and, when two or more responsible bidders
have made bids resulting in the same net interest cost to the State
and such bids are the highest, then such bonds shall be awarded by
lot to one of such responsible bidders; or, if any insufficient price
be bid for them, they may be subsequently disposed of under the
direction of the Board of Public Works at a private sale upon the
best terms they can obtain for the same; provided they shall not be
sold at private sale for less than par and accrued interest.

Sec. 4. And be it further enacted, That so much thereof as may
be necessary shall be paid by the Treasurer of the State upon the
warrant of the Comptroller out of the proceeds of the sale of said
bonds or Certificates of Indebtedness for the payment of the expense
of engraving, printing and other outlays connected with the issue
of the loan hereby authorized, and for the payment of the advertising
directed by this Act, and all other incidental expenses connected with
the execution of its provisions in connection with said loan.

Sec. 5. And be it further enacted, That the actual cash proceeds
of the sale of the Certificates of Indebtedness to be issued under this
Act shall be paid to the Treasurer of the State upon the warrant of
the Comptroller and such proceeds shall be used exclusively for the
following purposes, to wit:

1.  The Comptroller shall immediately upon the sale of and pay-
ment for said certificates, first, return to and credit the Treasury
for a sum equivalent to the amount expended, as provided in Section
4 of this Act.

2.  The remainder of the proceeds of such loan shall be credited
on the books of the State Comptroller, to be expended as needed by