THEODORE R. MCKELDIN, GOVERNOR 1203

of sale and delivery of and payments for said bonds or Certifi-
cates of Indebtedness shall be adjusted with the purchaser
thereof under such regulations as may be made in the discretion
of the Board of Public Works; and upon the day mentioned in
said advertisement as the day for opening the bids for the pro-
posals thereby called for, they shall receive such sealed pro-
posals for the purchase of as many of such bonds or Certifi-
cates of Indebtedness as may be mentioned or designated in
said advertisements; and on the opening of such sealed
proposals, 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 bidders
therefor for cash, if the prices bid are adequate, in the judg-
ment 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 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 Board of Public Works, 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 Ten
Thousand Dollars ($10, 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 con-
nected with the issue of the loan here authorized, and for the
payment of the advertising directed by this Act, and all other
incidental expenses connected with the execution of its pro-
visions 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 proceeds
shall be used exclusively for the following purposes, to wit:

The Comptroller shall immediately, upon the sale of and pay-
ment for said certificates, first, return to and credit the Treas-
ury for a sum equivalent to the amount expended as provided
for in Section 4 of this Act; the remainder of the proceeds of
said loan shall be paid to the Board of Trustees of The Johns
Hopkins University for the construction and equipping of a