458 LAWS OF MARYLAND. [CH. 254

Treasurer, or a majority of them; and the accrued interest
between the date of the bonds or certificates of indebted-
ness and the time of sale and delivery of and payment for
said bonds or certificates of indebtedness shall be adjusted
with the purchaser thereof under such regulations as may
be made in the discretion of the Governor, Comptroller of
the 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 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 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; 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 ac-
crued 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 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 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