HARRY W. NICE, GOVERNOR. 727

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 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 thereof 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 re-
sponsible bidder are in excess of the whole amount of the
Certificates offered for sale, such bonds or Certificates of In-
debtedness shall be awarded to such responsible bidders bid-
ding 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 Ten
Thousand Dollars ($ 10, 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 pro-
visions in connection with said loan.

SEC. 6. And &e it further enacted, That the actual cash pro-
ceeds 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 purposes, to wit:

The Comptroller shall immediately upon the sale of and pay-
ment for said bonds or Certificates of Indebtedness, first re-
turn to and credit the Treasury for a sum equivalent to the
amount expended, 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 Board of Public Works and shall be used, expended and
applied for the acquisition of a site in the City of Annapolis