ELIHU E. JACKSON, ESQUIRE, GOVERNOR.

said certificates of indebtedness as have been
so bid for, and the accruing interest thereon,

313

shall be awarded by the said governor, comp-
troller of the treasury and treasurer, or the
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, the certificate of
indebtedness so bid for shall be awarded to
such highest responsible bidders ; and if the
amounts so bid for, at the same highest re-
sponsible bid, are in excess of the whole amount
of certificates of indebtedness so offered for
sale, such certificates of indebtedness shall be
awarded to such highest responsible bidders
bidding the same price in the proportion which
the amount each has bid for bears to the whole
amount of said certificates of indebtedness so

Awards — how
made.

offered for sale. If any of said certificates of
indebtedness so offered for sale are not bid for,
they may be subsequently disposed of under the
direction of the governor, comptroller of the
treasury and treasurer, or a majority of them,
at private sale, upon the best terms they can
obtain for the same ; provided that they shall
not be sold for less than par and accrued
interest.
SEC. 5. And be it enacted, That any bidder mak-
ing an accepted bid, under the proposals provided
for in this act, for the sale of certificates of in-
debtedness not exchanged for those sterling

Terms of dis-
posal.

bonds, or evidences of sterling indebtedness,
which are referred to in the preamble of this act,
as maturing in the year eighteen hundred and
eighty-nine, shall have the privilege of paying
for said certificates of indebtedness so purchased,
or for any part thereof, in the unexchanged sterl-
ing bonds, or evidences of sterling indebtedness,
intended to be redeemed by the proceeds of such
sale, estimating the value of such sterling bonds
and evidences of sterling debt at the rate of four
dollars and eighty-six cents and six and a-half
tenths of a cent for each pound sterling, with a
further credit, at the same valuation, for any
accrued and unpaid sterling interest thereon.
SEC. 6. And be it enacted. That the actual cash
proceeds of such sales, of any such certificates

How paid.