1742 LAWS OF MARYLAND. [CH. 996

the Treasury and Treasurer, or a majority of them; and the
accrued interest between the date of the bonds or Certificates
of Indebtedness and the time of sale and delivery of and
payment for said bonds of Certificates of Indebtedness 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
designated in said advertisement; and on the opening of such
sealed proposals, as many of said bonds or Certificates of In-
debtedness as have been so bid for shall be awarded by the
Governor, Comptroller of the Treasury and Treasurer, or a ma-
jority of them, to the highest responsible bidder or bidders
therefor for cash, if the prices bid are adequate, in the judg-
ement of the Governor, Comptroller of the Treasury and 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
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 bidders 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.

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 con-
nected 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 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 purposes, to wit: