832 LAWS OF MARYLAND. [CH. 280

edness, or any part thereof, shall be issued, in two newspapers
published in the City of Baltimore, that the Treasurer of this
State will be in readiness at a time within fifteen days after
the expiration of said notice to receive bids at such place or
places as may be named in said respective advertisements for
bonds or certificates of indebtedness issued under the provisions
of this Act, under such regulations as may be made in the dis-
cretion of the Governor, Comptroller of the Treasury and
Treasurer, or a majority of them; and the accrued interest be-
tween the date of the bonds or certificates of indebtedness and
the time of sale and delivery of and payment for said bonds or

certificates of indebtedness shall be adjusted with the purchaser
thereof under such regulations as may be made in the discre-
tion of the Governor, Comptroller of the Treasury and Treas-
urer, or a majority of them; and upon the day mentioned in
said advertisement as the day for opening the bids for the pro-
posals thereby called for, they shall receive such sealed pro-
posals for the purchase of as many of such bonds or certificates
of 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 bid is the highest and the certificates so bid for
by the highest responsible bidder are in excess of the whole
amount of the certificates offered for sale, such bonds or cer-
tificates of indebtedness shall be awarded to such 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 thou-
sand dollars ($10, 000), or so much thereof as may be necessary,
shall be paid by the Treasurer of the State upon the warrant
of the Comptroller out of the proceeds of the sale of said bonds