ALBERT C. RITCHIE, GOVERNOR.                1281

ity 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 of the
State, or a majority of them, and when two or more bidders have
made the same bid, and such bid is the highest and the certifi-
cates so bid for by the highest responsible bidders are in excess
of the whole amount of 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 rat-
able proportion; and 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 of
the State, constituting the Board of Public Works, or a major-
ity of them, at a private sale upon the best terms they can ob-
tain 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 ($10, 000) dollars or so much thereof as may be
necessary shall be paid by the Treasurer of this State upon
the warrant of the Comptroller of the Treasury out of the
proceeds of the sale of 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 directed by this Act,
and all other incidental expenses connected with the execution
of its provisions in connection with said loan.

SEC. 6. And be it further enacted, That the actual cash pro-
ceeds of sale of bonds or certificates of indebtedness to be issued
under this Act shall be used exclusively for the following pur-
poses, to wit: The Comptroller of the Treasury of the State
shall immediately upon the sale of and payment for said bonds
or certificates of indebtedness first return to and credit the
Treasury with whatever advances of payments may have been
made, as provided by Section 5 of this Act. The remainder
. of the proceeds of said loan shall be credited on the books of
the State Treasury Department to the credit of the Ocean
City Inlet Fund, and shall be disbursed by the State Treas-
urer upon warrant of the Comptroller, when directed by the
Board of Public Works as hereinafter provided, from time
to time, as and when the same shall become necessary, to cover
not exceeding two-thirds of the cost of securing necessary
property and the construction of a canal or inlet south of
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