828 DEBT——PUBLIC. [ART. 31

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 and payment for said bonds and certifi-
cates shall be adjusted with the purchaser thereof under such regula-
tions 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 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 certificates of indebtedness as may be
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. treasury
and treasurer, or a majority of them, to the highest responsible bidder
or bidders therefor for cash, if the prices bid are inadequate, 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 responsi-
ble bidders are in excess of the whole amount of the certificates so
offered for sale, such certificates of indebtedness shall be awarded such
highest responsible bidders bidding the same price in a ratable propor-
tion; 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 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 at private sale for less than par and accrued interest.

1908, ch. 141, sec. 32 L.

29. The actual cash proceeds of the sales of certificates of indebted-
ness to be issued under sections 26 to 31 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
of the act of 1908, chapter 141, to wit: the comptroller shall, immedi-
ately upon the sale and payment of said bonds, first return to and credit
the treasury proper for whatever appropriation, advances or loans that
may have been made from the same, as provided in section 32K of
said act, the balance of proceeds of said bond issue, to be used in the
manner and for the purposes herein set forth; that the commission
shall appropriate and use in the several counties of the State of Mary-
land so much of the funds arising from the bond issue herein provided
for as is available for actual construction work in proportion to the
now existing road mileage of said counties, respectively, the term "road
mileage" herein used, only to include the public or county roads, or
turnpikes now in actual use and abandoned turnpikes now used by the
public. This provision is not to be construed as requiring the commis-
sion to spend a certain proportion of said fund in each county of the
State each and every year, but is intended to eventually provide a fair
distribution of the funds according to road mileage as herein set forth.