820 LAWS OF MARYLAND. [CH. 278

ness issued under the provisions of this Act, under such regu-
lations as may be made in the discretion of the Governor,
Comptroller of the Treasury, and Treasurer, or a majority of
them; and the accrued interest between the date of the bonds
or certificates of indebtedness and the time of sale and de-
livery of any payment for said bonds or certificates of in-
debtedness shall be adjusted with the purchaser thereof under
such regulations as may be made in the discretion of the Gov-
ernor, Comptroller of the Treasury, and Treasurer, or a ma-
jority of them; and upon the day mentioned in said advertise-
ment as the day for opening the bids for the proposals thereby
called for they shall receive such sealed proposals for the pur-
chase 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 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
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 subse-
quently 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
thousand dollars ($10, 000), 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 said bonds or certificates of indebtedness for the pay-
ment of the expenses of engraving, printing and other out-
lays connected with the issue of the loan hereby authorized,
and for the payment of the advertising directed by this Act,