330                               LAWS OF MARYLAND                       [CH. 100

representing said loan or any portion thereof are to be redeemed and
the amount to be redeemed upon such dates, respectively, 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 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 re-
main exempt from State, County and municipal taxation.

(c)   The Board of Public Works is hereby authorized and directed
to have prepared proper bonds or certificates of Indebtedness of the
State in good and sufficient form to aggregate the amount of Fifteen
Million Dollars ($15,000,000), as evidence of such loan; such bonds
or Certificate of Indebtedness shall bear date as of the time of their
issue as provided in Sub-section (b) of this Section. Each of said
bonds or certificates shall be signed in the manner prescribed by
Section 3 of Article VI of the Constitution of Maryland.

(d)  In order to provide for the selling of the bonds or Certificates
of Indebtedness aforesaid, to be issued under the provisions of this
section, the Board of Public Works is hereby directed to advertise
once before the said bonds or 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 sealed bids at such place or places
as may be named in said advertisements for Bonds or Certificates of
Indebtedness issued under the provisions of this section, 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 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 and at the time mentioned in said advertisement as the time
for the receipt of bids for the said bonds or Certificates of Indebted-
ness they shall receive such sealed bids 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
bids, as many of said Bonds or Certificates of Indebtedness as had
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 bidders are in excess of the whole amount of the Cer-
tificates 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 that they shall not be sold at a private
sale for less than par and accrued interest.

(e)  The sum of Twenty-five Thousand Dollars ($25,000.00), 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 the said Bonds or Certificates of Indebtedness for the pay-