HARRY W. NICE, GOVERNOR. 1013

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
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 Certificates of In-
debtedness 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 judg-
ment of the Governor, Comptroller of the Treasury and Treas-
urer, or a majority of them, and when two or more bidders have
made the same bid, and such bid is the highest and the Cer-
tificates 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; 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. The pro-
visions of this Section shall not apply to the disposition of
Certificates of Indebtedness, amounting to Six Hundred
Thousand Dollars (f600, 000. 00) dated February 15, 1938,
and Six Hundred Thousand Dollars (f600, 000. 00) dated
February 15, 1939, the disposition of which shall be con-
trolled by Section 6 of this Act.

SEC. 5. And be it further enacted, That the sum of Ten
Thousand Dollars (110, 000. 00), 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 Indebtedness, for the payment
of the expense of engraving, printing and other outlays con-
nected with the issue of the loan hereby authorized, 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 Comptroller of
the Treasury and the Treasurer are hereby authorized to issue
and deliver to the Teachers' Retirement System of Maryland,
to fund the accrued liability of the State to the system for the
fiscal years 1938 and 1939, bonds of the par value of One Mil-
lion, Two Hundred Thousand Dollars ($ 1, 200, 000. 00) constitu-