6 LAWS OF MARYLAND. [CH. 1

sible bidders are in excess of the whole amount of the Cer-
tificates offered for sale, such bonds or Certificates of In-
debtedness shall be awarded to such responsible bidders bid-
ding the same price in a ratable proportion; or if any in-
sufficient 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. 4. And be it further enacted, That the sum of Fifty
Thousand Dollars ($50,000), 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 out-
lays 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 execu-
tion of its provisions in connection with said loan.

SEC. 5. 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 State upon the warrant of the Comptroller, and such
proceeds shall be used exclusively for the following pur-
poses :

1. The Comptroller shall immediately upon the sale and
the payment for said Certificates, first, return to and credit
to the Treasury a sum equivalent to the amount expended,
as provided in Section 4 of this Act.

2. In the event that the Board of Public Works has ex-
pended all or any part of the sum appropriated in Section
6 of this Act, the Comptroller shall, next, return to and
credit the general surplus fund account of the State Treasury
for the fiscal year ending June 30, 1950, a sum equivalent to
the amount so expended by the Board of Public Works.

3. In the event that any certificates are sold at such time
during any year as to make it impossible to levy and collect
the taxes required by Section 5(4) (d) (2) of this Act in
sufficient time to meet interest payments thereon due and
payable during the first calendar year in which such certifi-
cates are issued, the Comptroller shall, next, credit to the
Treasury a sum sufficient to meet such interest payments.
When any interest payment so deducted has been later levied
for and collected pursuant to Section 5(4) (d) (2) by any
County or the City of Baltimore, as the case may be, such
County or the City of Baltimore shall have the right to retain