680 LAWS OF MARYLAND. [Ch. 477]

ments as the day for opening the proposals thereby called for,
that they will receive sealed proposals for the purchase of so
many of such certificates of indebtedness issued under the pro-
visions of this act, as may not have been exchanged as provided
in this act, at prices not less than the par or face value of the
said certificates of indebtedness and the interest accruing
thereon respectively. On opening of such proposals so many
of said certificates of indebtedness as have been so bid for, and
the interest accruing thereon, may be awarded by the said Gov-
ernor, Comptroller of the Treasury and Treasurer, or a major-
ity 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, these certificates of indebted-
ness so bid for may be awarded to such highest responsible bid-
der; and if the amounts so bid for at the same highest respon-
sible bid are in excess of the whole amount of certificates of
indebtedness so offered for sale, such certificates of indebtedness
may be awarded to such highest responsible bidders bidding the
same price, in the proportion which the amount each has bid
for, bears to the whole amount of said certificates of indebted-
ness so offered for sale. If any of said certificates of indebted-
ness so offered for sale are not bid for, they may be subsequently
disposed of under the direction of the Governor, Comptroller
of the Treasury and Treasurer, or a majority of them, at pri-
vate sale upon the best terms they can obtain for the same;
provided, that they shall not be sold for less than par and
accrued interest.

SEC. 5. And be it enacted, That any bidder making an
accepted bid under the proposals provided for in this act, for
the sale of certificates of indebtedness issued under the provi-
sions of this act, and not exchanged for bonds or evidences of
indebtedness issued under Chapter 219 of the Acts of 1898,
mentioned and referred to in the preamble of this act, shall
have the privilege of paying for said certificates of indebtedness
so purchased, or for any part thereof, in or with unexchanged
bonds or evidences of indebtedness issued under Chapter 219
of the Acts of 1898, mentioned and referred to in the preamble
of this act, and intended to be redeemed with the proceeds of
such sales, with a credit for any accrued and unpaid interest
thereon.

SEC. 6. 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