308

STATE OF MARYLAND.

CHAP. 200.

indebtedness shall be payable fifteen years after the date
thereof, but shall be redeemable at the pleasure of the State
of Maryland after the first day of July in the year 1912 ; and
each of said certificates of indebtedness and the debts evidenced
thereby shall be exempt from all State, county and municipal
taxation.

Certificates
of
Indebtedness
advertised
for sale.

SEC. 3. And be it further enacted. That in order to pro-
vide for the selling of the certificates of indebtedness afore-
said, to be issued under the provisions of this Act, the Gov-
ernor, Comptroller of the Treasury and Treasurer of this
State, or a majority of them, be and they are hereby directed
to advertise twice a week for four successive weeks, between
the 2d day of June and the 1st day of July, 1902, in two
newspapers published in the city of Baltimore, that the Treas-
urer of this State will be in readiness between the 1st day of
July and the 15th day of July, 1902, to sell at such place or
places as may be named in said respective advertisements,
bonds or certificates of indebtedness issued under the provi-
sions of this Act, 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 the accrued
interest between the date of the bonds or certificates and the
time of sale and delivery of and payment for said bonds and
certificate shall be rebated to the purchaser thereof under
such regulations as may be made in the discretion of the Gov-
ernor, Comptroller of the Treasury and Treasurer, or a major-
ity of them ; and upon the day mentioned in the said adver-

Sealed
proposals
received.

tisement as the day for opening the bids for the propositions
thereby called for, they will receive such sealed proposals for
the purchase of as many of such certificates of indebtedness
as may be designated in said advertisement, and on the open-
ing of such sealed proposals, as many of said certificates of
indebtedness as have been so bid for shall be awarded by the
Governor, Comptroller of the Treasury and the 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 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 certifi-
cates so bid for by the highest responsible bidders are in
excess of the whole amount of the certificates so offered for
sale, such certificates of indebtedness shall be awarded to

May sell at
private sale.

such highest 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 an insufficient price be bid for
them, they may be subsequently disposed of under the direc-
tion of the Governor, Comptroller of the Treasury and Treas-