582 LAWS OF MARYLAND. [CH. 311

proposals for the purchase of as many of such bonds or
certificates of indebtedness as may be mentioned or desig-
nated 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 bid are adequate,
in the judgment of the Governor, Comptroller of the Treas-
ury 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 subse-
quently 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
provisions of this Section shall not apply to the disposition
of certificates of indebtedness, amounting to $420, 000,
dated April 1, 1934, and $380, 000, dated April 1, 1935, the
disposition of which shall be controlled by Section 6 of this
Act.

SEC. 5. And be it further enacted, That the sum of ten
thousand dollars ($10, 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 indebtedness, for the
payment of the expense 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 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 1934 and 1935, bonds of the
par value of $800, 000, constituting the issue of $420, 000