204 LAWS OF MARYLAND [CH. 55

tificates of Indebtedness issued under the provisions of this
Act, under such regulations as may be made in the dis-
cretion of the Board of Public Works; and the accrued in-
terest between the date of the bonds or Certificates of In-
debtedness 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 propos-
als, as many of said bonds or Certificates of Indebtedness
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
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 highesi
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 ob-
tain 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), 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
proceeds shall be used exclusively for the following pur-
poses, to wit: