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Proceedings of the Senate, 1900
Volume 96, Page 779   View pdf image (33K)
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1900.] OF THE SENATE. 779

the Governor, Comptroller of the Treasury and the
Treasurer aforesaid, and upon the day mention-
ed in the skid advertisement as the day for opening
the bids for the propositions thereby called for. They
will receive such sealed propositions for the purchase
of said certificates of indebtedness issued under the
provisions of tins Act at prices not less than the par
or face value of the said certificates of indebted-
nes, and the interest accruing thereon respectively, and
on the opening of such propositions, so many of said
certificates of indebtedness as have been so bid for, the
accruing interest thereon, shall be awarded by the Gov-
ernor, Comptroller of the Treasury and the Treasurer, or
a majority of them, to the highest responsible bidder or
bidders therefor for cash. And when two or more bid-
ders have made the same bid, and said bid is the highest,
the certificates of indebtedness so bid for shall be awar-
ded to the highest responsible bidders, and if the amount
so bid for by the highest responsible bidders is in excess
of the whole amount of the certificates of indebtedness
so offered for sale such certificates of indebtedness shall
be awarded to suchhigh est responsible bidders bidding the
same price in proportion to amount each has bid for to the
whole amount of said certificates of indebtedness so offered
for sale If any of the said certifi rates of indebtedness so
offered for sale are not bid for, they may be subsequently
disposed of under the direction of the Governor, Comp-
troller of the Treasury and the Treasurer, or a majprity
of them at private sale, upon the best terms they can
obtain for same ; provided, however, they shall not he
sold for less than par and accrued. interest.

Sec. 4. "And he it enacted, That the actual cash pro-
ceeds of such sale of any certificates of indebtedness of
this State, issued under the provisions of this Act.
shall be paid to the Treasurer of this State, and such
proceeds of this sale of the said bonds, or evidence of
indebtedness aforesaid, shall be used exclusively, so far
as the same may be required for such purpose, for the
building, renewing, repairing and equipping workshops
in the Maryland Penitentiary, and for other purposes in.
connection with the completion of said institution, and
shall be paid by the treasurer upon the warrant of the
Comptroller of the Treasury to the Directors of the


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Proceedings of the Senate, 1900
Volume 96, Page 779   View pdf image (33K)
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