ART. 31] SANITORIUM LOAN. 825

by the comptroller of the treasury thereof, and shall bear interest at
a rate not exceeding three and one-half per centum per annum, payable
semi-annually on the first day of July and January in each year; each
proportion of said certificates shall be registered, and such portion shall
have interest coupons attached thereto, as the governor, comptroller of
the treasury and treasurer, or a majority of them, may determine; each
of said certificates of indebtedness shall be payable fifteen years after
the date thereof, and each of said certificates of indebtedness and the
debta evidenced thereby shall be exempt from all State, county and
municipal taxation.

1910, ch. 411, sec. 3 (p. 241).

22. In order to provide for the selling of the certificates of indebted-
ness aforesaid, to be issued under the provisions of sections 20 to 25, the
governor, comptroller of the treasury and treasurer of this State, or a
majority of them, are hereby directed to advertise twice a week
for four successive weeks, between the first day of December, 1910.
and the first day of January, 1911. in two newspapers published
in Baltimore city, that the treasurer of this State will be in readi-
ness, between the first day of January and the fifteenth day of
January, 1911, to sell, at such place or places as may be named
In said respective advertisements, bonds or certificates of indebt-
edness issued under the provisions of sections 20 to 25, under such
regulations as may be made, in the discretion of the governor, comp-
troller of the treasury and treasurer, or the majority of them; and the
accrued interest between the date of the bonds or certificates and the
time of sale and delivery of and payment for said bonds and certificates
shall be rebated to 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
mentioned in the said advertisement as the day for opening the bids for
the propositions thereby called for, they shall receive such sealed propo-
sals for the purchase of as many of such certificates of indebtedness
as may be designated in said advertisement, and on the opening of said
sealed proposals, as many of said certificates of indebtedness as may
have been so bid for shall be awarded by the governor, comptroller of
the treasury 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 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
highest 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 bidders bidding the same price in
a ratable proportion; and if any of said certificates so offered for sale
are not bid for, or if an insufficient price be bid for them, they may
be subsequently disposed of under the direction of the governor, comp-