308 LAWS OF MARYLAND.

one thousand dollars; each of said certificates shall be signed
by the Treasurer of the State and countersigned by the Comp-
troller of the Treasury, and shall bear interest at a rate not
exceeding four per centum per annum, payable semi-annually
on the 1st day of January and the 1st day of July in each
year; such portion of said certificates shall be registered and
such portion shall have interest coupons attached thereto as
the Governor, Comptroller of the Treasury and Treasurer, or a
majority of them, shall determine.

SEC. 32w. In order to provide for the selling of the certifi-
cates of indebtedness aforesaid, to be issued under the pro-
visions of this Act, the Governor, Comptroller of the Treasury
and Treasurer of this State, or a majority of them, are here-
by directed to advertise twice a week for four successive weeks
between the first day of December, 1910, and the first day of
January, 1911, and by a like notice between the first day of
December and the first day of January for the next succeed-
ing three years, in two newspapers published in the City of
Baltimore that the Treasurer of this State will be in readiness
between the first day of January and the fifteenth day of Jan-
uary, 1911, and each succeeding year up to and including the
year 1914, between the first day of January and the fifteenth
day of January, in each of said years, to receive bids at such
places as may be named in said respective advertisements for
bonds or certificates of indebtedness issued under the pro-
visions 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 inter-
est between the date of the bonds or certificates and the time
of sale and delivery of and payment for said bonds and certifi-
cates 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 advertisement 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 pro-
posals as many of said certificates of indebtedness as have been
so bid for shall be awarded by the Governor, Comptroller of the
Treasury and Treasurer, or a majority of them., to the highest
responsible bidder or bidders therefor for cash, if the price bid
is adequate, in the judgment of the Governor, Comptroller and
Treasurer, or a majority of them; and when two or more bid-
ders 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