ALBERT C. RITCHIE, GOVERNOR. 669
and such bid is the highest and the certificate 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 pro-
portion ; and if any of said certificates so offered for sale are
not bid for, or if any insufficient price be paid 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 dollars ($10,000), 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
State, upon the warrant of the Comptroller, and such pro-
ceeds shall be used exclusively for the following purposes, to
wit: The Comptroller shall immediately upon the sale of, and
payment of said bonds or certificates of indebtedness, first
return to and credit the Treasury 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 be turned over or credited to the State Roads Commis-
sion and by it used, expended and applied, first for the re-
construction of such bridges, forming part of the State Roads
System which are or may be about to become in a dangerous
and unsafe condition; any balance of said loan remaining
after the reconstruction of such bridges to be available as far
as may be necessary for the purchase with the approval of the
Board of Public Works and jointly with the State of West
Virginia of the Hancock, Williamsport, Shepherdstown and
Harpers Ferry Bridges over the Potomac River; and for the
|
|