746 LAWS OF MARYLAND. [CH. 310

certificates of indebtedness issued under the provisions 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 interest between the date
of the bonds or certificates of indebtedness and the time of
sale and delivery of any payment for said 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 mentioned in said ad-
vertisement 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 in-
debtedness as may be mentioned or designated in said adver-
tisement ; and on the opening of such sealed proposals as many
of said bonds or certificates of indebtednes 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, Comp-
troller 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 certificates 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

A 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
2 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 payment
of the advertising directed by this Act, and all other incidental