HERBERT R. O'CONOR, GOVERNOR. 1521

they shall receive 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 judgment of the Gover-
nor, 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 Certifi-
cates 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 bidders bidding the same price
in a ratable proportion; 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.

SEC. 5. And be it further enacted, That the sum of Ten
Thousand Dollars ($10, 000. 00), 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 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
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, to wit:

The Comptroller shall immediately upon the sale of and
payment for said bonds or Certificates of Indebtedness,
first return to and credit the Treasury for a sum equiva-
lent to the amount expended, as provided for by Section 5
of this Act; the remainder of the proceeds of said loan
shall be credited on the books of the State Treasury De-
partment in the amounts hereinafter specified, to the credit