528 LAWS OF MARYLAND. [Ch. 370]

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 Gov-
ernor, Comptroller of the Treasury 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 any
payment for said bonds or certificates shall be adjusted with
the purchaser thereof under such regulations as may be made
in the discretion of the Governor, Comptroller of the Treasury
and Treasurer, or a majority of them; and upon the day men-
tioned 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 of such certifi-
cates of indebtedness as may be mentioned or designated in said
advertisement; 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 of the Treas-
ury and Treasurer, or a majority of them, to the highest respon-
sible bidder or bidders therefor for cash, if the prices bid are
adequate, in the judgment of the Governor, Comptroller of the
Treasury 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 certificates so bid for by the high responsible
bidders are in excess of the whole amount of the certificates
so offered for sale such certificates of indebtedness shall be
awarded to such highest responsible bidder bidding the same
price in a ratable proportion; and if any of said certificates so
offered for sale are not bid for, or if any insufficient price be
bid for them, they may be subsequently disposed of under the
direction of the Governor, Comptroller of the Treasury or
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 at private sale for less than par and accrued interest.

SEC. 4. Be it further enacted, That in order that there
shall be no delay in carrying into effect the provisions of this
act, the sum of $50,000 or so much thereof as may be necessary,
be and the same is hereby appropriated from the Treasury
proper for the year 1912 for the carrying out of the provisions
of this act.

SEC. 5. Be it further enacted, That the actual cash pro-
ceeds of the sales of certificates of indebtedness to be issued
under 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
set forth in sections 32A, 32B, 32C, 32D, 32E, 32F and 32G, as