788 LAWS OF MARYLAND. [CH. 263

ing the bids for the proposals thereby called for they shall re-
ceive 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 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 judg-
ment of the Governor, Comptroller of the Treasury, and Treas-
urer, 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 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 direc-
tion of the Governor, Comptroller of the Treasury, and Treas-
urer, 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 five
thousand dollars ($5, 000. 00), 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 ex-
penses 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
expenses connected with the execution of its provisions in con-
nection with said loan.

SEC. 6. And be if further enacted, That the actual cash
proceeds of the sale of the certificates of indebtedness to be
issued under this Act shall be used exclusively for the following
purposes, 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 pay-
ments may have been made as provided for by Section 5 of
this Act. The remainder of the proceeds of said loan shall be