GOO LAWS OF MARYLAND. [CH. 277

Treasurer, or a majority of them; and upon the day men-
tioned 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 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 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; pro-
vided 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 Twenty
Thousand Dollars ($20, 000), 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 author-
ized, 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 pro-
ceeds shall be used exclusively for the following purposes,
to wit:

The Comptroller shall immediately, upon the sale of and
payment for said certificates, first, return to and credit the
Treasury for a sum equivalent to the amount expended as
provided for in Section 5 of this Act; the remainder of the