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Sealed pro-
posals ior
purchase of
certificates.
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purchaser thereof under such regulations as may be made, in
the discretion of the Governor, Comptroller of the Treasury
and the Treasurer aforesaid; and upon the day mentioned in
the said advertisement as the day for opening the bids for the
propositions thereby called for, they will receive such sealed
proposals for the purchase for as many of such certificates of
indebtedness, issued under the provisions of this Act at prices
not less than the par or face value of the said certificates of
indebtedness, the interest accruing thereon, respectively, and
on the opening of such sealed proposals, so many of said cer-
tificates of indebtedness as have been so bid for; the accruing
interest thereon shall be awarded by the Governor, Comp-
troller of the Treasury and Treasurer, or a majority of them,
to the highest responsible bidder or bidders therefor for cash;
and when two or more bidders have made the same bid, and
such bid is the highest, and the certificates of indebtedness
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 such highest responsible bidders bidding the
same price in proportion to the amount each has bid for the
whole amount of said certificates of indebtedness so offered
for sale; if any of the said certificates of indebtedness so
offered for sale and not bid for, they may be subsequently
disposed of under the direction of the Governor, Comptroller
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Shall not be
sold for less
than par.
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of the Treasury and Treasurer, or a majority of them, at
private sale, upon the best terms they can obtain for the
same; provided, they shall not be sold for less than par and
accrued interest.
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Proceeds of
sale of
certificates
How applied.
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SEC. 4. And be it enacted, That the actual cash proceeds
of such sales of any certificates of indebtedness of this State,
issued under the provisions of this Act, shall be paid to the
Treasurer of this State upon the warrant of the Comptroller;
and such proceeds shall be used exclusively as far as the
same are required for the purposes hereinbefore mentioned,
viz: The sum of two hundred and ninety thousand dollars
for a State building in the City of Annapolis; the sum of one
hundred and fifty thousand dollars for the further improve-
ment and equipment of the Maryland Penitentiary, and the
sum of sixty thousand dollars for the further improvement
and furnishing of Springfield State Hospital, and the said
respective sums shall be paid by the Treasurer upon the war-
rant of the Comptroller to the persons or bodies corporate
legally entitled to receive the same, upon written order from
time to time as such sums may be required.
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