1376 LAWS OF MARYLAND [CH. 727

indebtedness as may be mentioned or designated in said ad-
vertisement ; 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 the Treasurer, or a majority
of them, and when two or more bidders have made the same
bid, and such hid is the highest and the certificates so bid for
by the highest responsible bidders are in excess of the whole
amount of the certificates offered for sale, such bonds or
certificates of indebtedness shall be awarded to such respon-
sible 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 bo bid for them, they may
be subsequently disposed of under the direction of the Gov-
ernor, 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 said bonds or certificates of indebtedness, for the pay-
ment of the expense of engraving, printing and other outlays
connected with the issue of the loan hereby authorized, and

for the payment of the advertising directed by this Act, and
all other incidental expenses connected with the execution
of its provisions 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
State upon the warrant of the Comptroller, and such proceeds
shall be used exclusively for the following purposes, to-wit:

The Comptroller shall immediately upon the sale of and
payment for said bonds, or certificates of indebtedness, first
return to and credit the Treasurer for whatever advances or
payments may have been made as provided for by Section 5
of this Act; the remainder of the proceeds of said loan shall