256 LAWS OF MARYLAND.

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 certificates shall be adjusted with the purchaser thereof
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 upon the day mentioned in said adver-
tisement as the day for opening the bids for the proposals
thereby called for they shall 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 opening
of such sealed proposals, as many of said certificates of indebt-
edness as have been so bid for shall be awarded by the Gov-
ernor, Comptroller of the Treasury and Treasurer, or a major-
ity of them, to the highest responsible bidder or bidders therefor
for cash, if the prices bid are inadequate, 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 certificates 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 indebt-
edness shall be awarded such highest responsible bidders bid-
ding the same price in a ratable proportion; and if any of said
certificates so offered for sale are not bid for, or if any insuffi-
cient price be bid for them, 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,.
they shall not be sold at private sale for less than par and
accrued interest.

32K. In order that there shall be no delay in carrying into
effect the provisions of this Act, the sum of two hundred and
fifty thousand dollars, or so much thereof as may be necessary,
be and the same is hereby appropriated from the Treasury
proper for the year 1908 for the carrying out of the provisions
of this Act.

32L. The actual cash proceeds of the sales of certificates of
indebtedness to be issued under this Act shall be paid to the
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 the purposes of this Act, to wit: the Comp-
troller shall, immediately upon the sale and payment of said
bonds, first return to and credit the Treasury proper for what-
ever appropriation, advances or loans that may have been made
from the same, as provided in section 32K of this Act, the