PHILLIPS LEE GOLDSBOROUGH, ESQ., GOVERNOR. 1291

and shall bear interest not exceeding four per cent.
per annum, payable on the first days of January and July of
each year; such portion of said certificates shall be registered
and such portions shall have interest coupons attached thereto,
as the Governor, Treasurer and Comptroller or a" majority of
them may determine.

SEC. 4. Be it further enacted by the General Assembly of
Maryland, That in order to provide for the selling of the certifi-
cates of indebtedness aforesaid, to be issued under the provi-
sions of this act, the Governor, Comptroller of the Treasury
and the Treasurer of this State, or a majority of them, are
hereby directed to advertise twice a week for four successive
weeks between the dates of December 1st, 1912, and January
1st, 1913, and a like notice between the dates of June 1st,
1913, and July 1st, 1913, in two newspapers published in the
City of Baltimore; that the Treasurer of this State will be in
readiness between the 1st and 15th days of January, 1913, and
the 1st and 15th days of July, 1913, to receive bids at such
place or places as may be named in said respective advertise-
ments 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 Governor, Comptroller and Treasurer,
or a majority of them, and the accrued interest 'between the
date of the bonds or certificates and the time of sale and
delivery of and the payment for said bonds and certificates,
shall be adjusted with the purchaser or purchasers thereof under
such regulations as may be made in the discretion of the Gov-
ernor, Comptroller and Treasurer, or a majority of them; and
upon the day mentioned in said advertisement as the day for
opening the bids for the proposals thereby called for, they shall
receive such sealed proposals for the purchase of as many such
certificates of indebtedness as may be designated in said adver-
tisement ; and on the opening of such sealed proposals, as many
of said certificates of indebtedness as have been so bid for
shall be awarded by the Governor, Comptroller and Treasurer,
or a majority of them, and when two or more bidders have
made the same bid and such bid is the highest, and the certifi-
cates so bid for by the highest responsible bidders are in excess
of the whole amount of the certificates of indebtedness, shall be
awarded to such highest responsible bidders bidding the same
price in ratable proportion; and if any insufficient price be bid
for them, they be subsequently disposed of under the direction
of the Governor, Comptroller and Treasurer, or a majority
of them, at private sale upon the best terms they can obtain for
same, provided, that in no event shall more than twelve hundred