LLOYD LOWNDES, ESQUIRE, GOVERNOR.

amount of said certificates of indebtedness so 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 making an
accepted bid under the proposals provided for in this Act, for
the sale of certificates of indebtedness issued under the pro-

735

visions of this Act, and not exchanged for bonds or evidences
of indebtedness issued under the Acts mentioned and referred
to in the preamble of this Act, shall have the privilege of
paying for said certificates of indebtedness so purchased, or
for any part thereof, in or with unexchanged bonds or eviden-
ces of indebtedness issued under the Acts mentioned or
referred to in the preamble of this Act, and intended to be
redeemed with the proceeds of such sales, with a credit for any
accrued and unpaid interest thereon.
SEC. 6. And be it enacted, That the actual cash proceeds of
such sales of any certificates of indebtedness of this State,
issued under the provisions of this Act, shall be paid to the

Privilege of
paying for
said certifi-
cate.

Treasurer of this State, upon the warrant of the Comptroller;
and such proceeds shall be used exclusively, as far as the same
are required for such purpose, for the extension, redemption
and payment of the bonds or evidences of indebtedness of this
State, issued under the Acts mentioned or referred to in the
preamble of this Act; and the balance of the proceeds of the
sale of said certificates shall be used exclusively for the other
purposes mentioned in the preamble of this Act ; and all cer-
tificates of indebtedness of this State, issued under the pro-
visions of this Act, and not exchanged or disposed of under
the provisions of this Act, for the purpose of the extension,
redemption or payment of the indebtedness of this State, or
for the other purposes mentioned or referred to in the pre-
amble of this Act, shall be cancelled by the said Comptroller
of the Treasury and Treasurer, and a record of such cancella-
tion be preserved by each of said officers.

Proceeds of
sale of cer-
tificates
paid to
treasurer.

SEC. 7. And be it enacted, That the sum of ten thousand
dollars, or so much thereof as may be necessary, is hereby
appropriated for the payment and settlement of all amounts or
differences of interest required to be paid by the State, in
making any of the exchanges authorized by this Act, and not
hereinbefore or otherwise provided for, and for the payment

Appropria-

tion