960 LAWS OF MARYLAND. [CH. 360

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
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 high-
est responsible 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 responsible bidders are in excess of the whole
amount of the certificates so offered for sale, such bonds or cer-
tificates of indebtedness shall be awarded to such highest re-
sponsible bidders, bidding the same price in a ratable propor-
tion; 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 Gov-
ernor, Comptroller of the Treasury, and Treasurer, or a ma-
jority of them, at a private sale upon the best terms they can
obtain for the same; provided they shall not be sold at pri-
vate sale for less than par and accrued interest.

SEC. 5. And be it further enacted, That the sum of five
thousand dollars ($5, 000) or so much thereof as may be neces-
sary 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 inci-
dental 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 is-
sued under this Act shall be used exclusively for the following
purposes, to wit: The Comptroller shall, immediately upon