ALBERT C. RITCHIE, GOVERNOR 1047

bonds or certificates of indebtedness 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 men-
tioned 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 bonds or
certificates of indebtedness as may be mentioned or designated
in said advertisement; and on the opening of such sealed
proposals, as many of said bonds or 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 prices bid are adequate, in the judgment of
the Governor, Comptroller of the Treasury, 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
bonds or certificates of indebtedness shall be awarded to 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 any insufficient 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 a 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.

SEC. 5. And be it further enacted, That the sum of ten
thousand ($10,000) dollars, or so much thereof as may be
necessary, shall be paid by the Treasurer of this State upon
the warrant of the Comptroller out of the proceeds of the sale
of bonds or certificates of indebtedness, for the payment of the
expense of engraving, printing and other outlays connected
with the issue of the loan hereby authorized, and for the pay-
ment of the advertising directed by this Act, and all other-
incidental expenses connected with the execution of its pro-
visions in connection with said loan.

SEC. 6. And be it further enacted, That the actual cash
proceeds of the sale of the certificates of indebtedness to be
issued under this Act shall be paid to the Treasurer of the