256

LAWS OF MARYLAND.

the State of Maryland, after the first day of July, in the year
1906, and each of said certificates of indebtedness, and the
respective debts evidenced thereby, shall be exempt from all
State, county and municipal taxation.

SEC. 11. And be it further enacted, That in order to pro-

Sale of
certificates.

vide for the selling of the certificates of indebtedness afore-
said, issued under the provisions of this act, the Governor,
Comptroller of the Treasury and the Treasurer of this State,
or a majority of them, be and they are hereby directed to
advertise twice a week, for six successive weeks, between the
first day of April and the first day of June, 1896, in two news-
papers published in each of the cities of Baltimore, Philadel-
phia and New York, that the Treasurer of this State will be in
readiness, between the first day of June and the first day of July,
in the year L896, to sell at such place or places, as may be named
therein in said respective advertisement, bonds or certificates
of indebtedness issued under the provisions of this act, under
such regulations as may be made, in the discretion of the said
Governor, Comptroller of the Treasury and Treasurer, or a
majority of them, and the accrued interest, between the first
day of July, 1896, and the time of the acceptance, payment
and delivery for the said bonds, shall be rebated to the pur-
chaser thereof under such regulations as may be made in the
discretion of the Governor, Comptroller of the Treasury and
the Treasurer aforesaid; and upon the day mentioned in the
said advertisement as the day for opening the bids for the
propositions thereby called for, they will receive such sealed
propositions for the purchase for as many of such certificates
of indebtedness issued under the provisions of this act, at
prices not less than the par or face value of the said certifi-
cates of indebtedness, the interest accruing thereon, respectively;
and on the opening of such sealed propositions, so many of said
certificates of indebtedaess as have been so bid for, the accru-
ing interest thereon shall be awarded by the Governor, Comp-
troller of the Treasury and the Treasurer, or a majority of
them, to the highest responsible bidder or bidders therefor, for
cash; and when two or more bidders have made the same bid
and such bid is the highest, and the certificates of indebtedness
so bid for shall be awarded to the highest responsible bidders,
and if the amount no bid for by the highest responsible bidders
is in excess of the whole amount of the certificates of indebt-
edness so offered for sale, such certificates of indebtedness shall
be awarded to such highest responsible bidders bidding the
same price in the proposition to the amount each has bid for