1180 LAWS OF MARYLAND. [CH. 488

of the Treasury and Treasurer, or a majority of them;
and accrued interest between the date of the bonds or Cer-
tificates of Indebtedness and the time of sale and delivery
of and payments for said bonds or Certificates of Indebted-
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 or Treasurer, or a
majority of them; and upon the day mentioned in said ad-
vertisement as the day for opening the bids for the pro-
posals 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 advertisements; 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 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 Certificates so bid for by the highest re-
sponsible 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, Comp-
troller 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. 4. And be it further enacted, That the sum of
Thirty-five Thousand Dollars ($35, 000), or so much there-
of 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 In-
debtedness, 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 adver-
tising directed by this Act, and all other incidental expenses
connected with the execution of its provisions in connection
with said loan.

SEC. 5. 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