1708 LAWS OF MARYLAND. [CH. 694

opening of such sealed proposals, as many of said bonds
or 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 adequate, in the judgment of the
Governor, Comptroller 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 responsible bidder
are in excess of the whole amount of the Certificates offered
for sale, such bonds or Certificates of Indebtedness shall be
awarded to such responsible bidders bidding the same price
in a ratable proportion; 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. 4. And be it further enacted, That the sum of
Twenty Thousand Dollars ($20,000), or so much thereof
as may be necessary, shall be paid by the Treasurer of the
State upon the warrant of the Comptroller out of the
proceeds of the sale of said bonds or Certificates of Indebt-
edness, for the payment of the expense of engraving, print-
ing and other outlays connected with the issue of the loan
hereby authorized, and for the payment, of the advertising
directed by this Act, and all other incidental expenses con-
nected with the execution of its provisions in connection
with said loan.

SEC. 5. 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 paid to the Treasurer of
the State upon the warrant of the Comptroller and such
proceeds shall be used exclusively for the following pur-
poses, to wit:

The Comptroller shall immediately, upon the sale of and
payment for said certificates, first, return to and credit
the Treasury for a sum equivalent to the amount expended
as provided for in Section 4 of this Act; the remainder of
the proceeds of said loan shall be credited on the books of
the State Treasury Department, to be expended as needed
by the State, upon approval by the Board of Public Works
for the following needs, purposes and projects: