1532 LAWS OF MARYLAND. [CH. 856

bonds, or any part thereof, shall be issued, in two news-
papers published in the City of Baltimore, that the Com-
mission will be in readiness at a time within fifteen days
after the final publication of said notice to receive bids
at such place or places as may be named in the respective
advertisements for bonds issued under the provisions of
this Act, under such terms as may be made in the discre-
tion of the Governor, the Comptroller of the Treasury and
the Treasurer, or a majority of them, and set forth in the
advertisements; and the accrued interest between the date
of the bonds and the time of sale and delivery of and
payment for said bonds shall be adjusted with the
purchaser thereof under such regulations as may be
made in the discretion of the Governor, the Comp-
troller of the Treasury and the Treasurer, or a major-
ity of them. Upon the day mentioned in said advertisements
as the day for opening bids for the proposals thereby called
for, the Commission shall receive such sealed proposals
for the purchase of as many of such bonds as may be men-
tioned or designated in said advertisements, and on the
opening of such sealed proposals as many of said bonds as
have been so bid for shall be awarded by the Commission
to the highest responsible bidder or bidders therefor for
cash, if the prices bid are adequate in the judgment of the
Governor, the Comptroller of the Treasury and the Treas-
urer, or a majority of them, and when two or more bidders
have made the same bid, and such bid is the highest, and
the bonds so bid for by the highest responsible bidders are
in excess of the whole amount of bonds offered for sale,
such bonds shall be awarded to such responsible bidders
bidding the same price in a ratable proportion. If an insuffi-
cient price be bid for such bonds, they may be subsequently
disposed of under the direction of the Governor, the Comp-
troller of the Treasury and the Treasurer, or a majority
of them at a private sale upon the best terms they can
obtain for the same. It is further provided, however, that in
no event shall any of such bonds be sold, either at public
or private sale as hereinabove provided, at a price so low as
to require the payment of interest on the money received
therefor at more than four and one-half per centum
(4=y%%) per annum computed with relation to the maturity
of the bonds in accordance with standard tables of bond
values.

140G. The proceeds of the bonds sold hereunder shall be
paid to the Treasurer of the State upon the warrant of the
Comptroller and shall be paid out by the Treasurer upon
the order of the Commission solely for the payment of the
cost of acquisition of the assets of the Claiborne-Annapolis