HARRY W. NICE, GOVERNOR. 155

ness 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
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 desig-
nated 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 Treas-
ury, 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 indebtedness shall be awarded to such responsible bid-
ders 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 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.
The provisions of this Section shall not apply to the dis-
position of certificates of indebtedness, amounting to $350,-
000 dated April 1, 1936, and $350,000 dated April 1, 1937,
the disposition of which shall be controlled by Section 6
of this Act.

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 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 connected with the issue of the loan hereby
authorized, and for the payment of the advertising direct-
ed by this Act, and all other incidental expenses connected
with the execution of its provisions in connection with said
loan.