W.M. PRESTON LANE, JR., GOVERNOR. 1561

bonds or certificates of indebtedness as may be mentioned
or designated in said advertisement; and on the opening
of such sealed proposals, as many of said bonds or certifi-
cates 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 re-
sponsible bidder or bidders thereof for cash, if the prices bid
are adequate, in the judgment of the Governor, Comptrol-
ler 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 highest bidders are in excess of the whole amount
of the certificates so offered for sale, such bonds or cer-
tificates 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 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 a 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. 5. And be it further enacted, That the sum of Five
Thousand Dollars ($5,000.), or so much thereof as may
be necessary, shall be paid by the Treasurer of this State
upon the warrant of the Comptroller out of the proceeds
of the sale of bonds or certificates of indebtedness for the
payment of the expenses of engraving, printing and other
outlays connected with the issue of the loan hereby author-
ized, and for the payment of the advertising directed by
this Act, and all other incidental expenses connected with
the execution of its provisions in connection with said loan.

SEC. 6. And be it further enacted, That the actual cash
proceeds of the sale of the certificates of indebtedness to
be issued under this Act shall be used exclusively for the
following purposes, to wit:

The Comptroller shall, immediately upon the sale and
payment for said bonds or certificates of indebtedness,
first treturn to and credit the Treasury with whatever
advances or payments may have been made as provided
for by Section 5 of this Act. The remainder of the proceeds
of said loan shall be credited on the books of the State
Treasury Department to the credit of the State Military
Department and shall be disbursed by the State Treasurer,
upon warrant of the Comptroller from time to time as and