826 LAWS OF MARYLAND. [CH. 279

said bonds or certificates of indebtedness as have been so bid
for shall be awarded by the Governor, Comptroller of the Treas-
ury, and Treasurer, or a majority of them, to the highest re-
sponsible 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 certificates so bid for by the highest re-
sponsible bidders are in excess of the whole amount of the cer-
tificates so offered for sale, such bonds or certificates of indebt-
edness 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 thous-
and dollars ($10, 000), or so much thereof as may be necessary,
shall be paid by the Treasurer of this State upon the war-
rant 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 in-
cidental expenses connected with the execution of its provisions
in connection with said loan.

SEC. 6 And be it further enacted, That the actual cash pro-
ceeds of the sale of the certificates of indebtedness to be issued
under this Act shall be used exclusively for the following pur-
poses, to wit:

The Comptroller shall, immediately upon the sale of and pay-
ment for said bonds or certificates of indebtedness, first return
to and credit the Treasury with 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 thereupon be
turned over to the State Roads Commission and used by it from
time to time, as and when the same shall become necessary, for
the following purposes: One-fifth of such remainder shall be
used and expended in the City of Baltimore for the grading,
paving and curbing of such streets and highways, or portions