THEODORE R. MCKELDIN, GOVERNOR                    211

certificates representing said loan or any portion thereof are to
be redeemed and the amount to be redeemed upon such dates, re-
spectively, according to the serial annuity plan applied to said loan
as a whole or to the group of certificates evidencing a part of said
loan as a whole or to the group of certificates evidencing a part of
said loan issued at a particular time, as the case may be. Said loan
and certificates and every part thereof and the interest payable
thereon shall be and remain exempt from State, County and muni-
cipal taxation.

Sec 2. And be it further enacted, That the Board of Public Works
is hereby authorized and directed to have prepared proper Certifi-
cates of Indebtedness of the State in good and sufficient form to
aggregate the amount of

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NINE MILLION FOUR HUNDRED
EIGHTY-EIGHT THOUSAND EIGHT HUNDRED DOLLARS
($9,488,800) as evidence of such loan; such Certificates of Indebted-
ness shall bear date of as the time of their issue as provided in
Section 1 of this Act. Each of said certificates shall be signed and
countersigned in the manner prescribed by Section 3 of Article VI
of the Maryland Constitution.

SEC. 3. And be it further enacted, That in order to provide for the
selling of the Certificates of Indebtedness aforesaid, to be issued
under the provisions of this Act, the Board of Public Works is hereby
directed to advertise once before the said Certificates of Indebtedness
or any part thereof, shall be issued, in two newspapers published in
the City of Baltimore and in such other manner as the Board of
Public Works in its discretion may determine, that the Treasurer of
this State will be in readiness at a time within twenty (20) days
after the expiration of said notice to receive bids at such place or
places as may be named in said respective advertisements for bonds
or Certificates of Indebtedness issued under the provisions of this
Act, under such regulations as may be made in the discretion of the
Board of Public Works; and the accrued interest between the date
of the bonds or Certificates of Indebtedness and the time of sale
and delivery of and payments for said bonds or Certificates of In-
debtedness 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 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 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 highest
responsible bidder are in excess of the whole amount of the Certifi-
cates 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,