268 LAWS OF MARYLAND. [CH. 132

and the time of sale and delivery of and payment for said bonds
or certificates of indebtedness shall be adjusted with the pur-
chaser 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 men-
tioned in said advertisement 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 indebtedness as may be mentioned or designated
in said advertisement; and on the opening of such sealed pro-
posals, as many of said bonds or certificates of indebtedness as
have been so bid for shall be awarded by the Governor, Comp-
troller 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 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 certificates of in-
debtedness shall be awarded to such responsible bidders bidding
the same price in a ratable proportion; and if any of said certi-
ficates 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 Treas-
ury 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 in-
terest.

SBC. 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 the State upon the
warrant of the Comptroller out of the proceeds of the sale of
said bonds or certificates of indebtedness, for the payment of
the expense of engraving, printing and other outlays con-
nected with the issue of the loan hereby authorized, and for the
payment of the advertising directed by this Act, and all other
incidental expenses connected with the execution of its provi-
sions 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