334

LAWS OF MARYLAND.

tively; on the opening of such proposals so many of said certi-

ficates of indebtedness as have been so bid for, and the accruing

interest thereon, shall be awarded by the said governor, comp-

troller of the treasury and treasurer, or the majority 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, the certificates of indebtedness so bid for shall be

awarded to such highest responsible bidders; and if the amounts

so bid for, at the same highest responsible bid, are in excess of

the whole amount of certificates of indebtedness so offered for

sale, such certificates of indebtedness shall be awarded to such

highest responsible bidders, bidding the same price, in the pro-

portion which the amount each has bid for bears to the whole

amount of said certificates of indebtedness so offered for sale; if

any of said certificates of indebtedness 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 private 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 provisions of this

act, and not exchanged for bonds or evidences of indebtedness

issued under any of the acts mentioned and referred to in the pre-

To pay.

amble of this act, shall have the privilege of paying for said cer-

tificates of indebtedness so purchased, or for any part thereof, in

or with unexchanged bonds or evidences of indebtedness issued

under any of the acts mentioned or 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 the

State upon the warrant of the comptroller; and such proceeds shall

Proceeds.

be used exclusively, as far as the same are required for such purpose,

for the extension, redemption and payment of the bonds, or evi-

dences of indebtedness of this State issued under any of the acts

mentioned or referred to in the preamble of this act; and all certifi-

cates of indebtedness of this State, issued under the provisions of

this act, and not exchanged or disposed of under the provisions

of this act, for the purposes of the extension, redemption or pay-

ment of the indebtedness of the State, mentioned or referred to in

the preamble of this act, shall be cancelled by the said comptroller

of the treasury and treasurer, and a record of such cancellation

be preserved by each of said officers.

SEC. 7. And be it enacted, That the sum of ten thousand dollars,