284          Laws of Maryland         [Ch. 53

interest between the date of the bonds or Certificates of
Indebtedness and the time of sale and delivery of and pay-
ments for said bonds or Certificates of Indebtedness shall
be adjusted with the purchaser thereof under such regula-
tions as may be made in the discretion of the Board of
Public Works; and upon the day mentioned in said adver-
tisement 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
advertisements; and on the opening of such sealed pro-
posals, as many of said bonds or Certificates of Indebted-
ness as have been so bid for shall be awarded by the Board
of Public Works, to the highest responsible bidder or bid-
ders therefor for cash, if the prices bid are adequate, in the
judgment of the Board of Public Works, 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 Board of Public
Works at a private sale upon the best terms they can ob-
tain 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
Twenty-five Thousand Dollars ($25,000), 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 authorized, and for the payment of the ad-
vertising directed by this Act, and all other incidental ex-
penses 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 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