J. MILLARD TAWES, GOVERNOR                          1339

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
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 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 men-
tioned or designated in said advertisements; and on the opening of
such sealed proposals, as many of said bonds or Certificates of In-
debtedness 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 Certificates offered for sale, such bonds or Certificates of In-
debtedness 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 direc-
tion 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 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 Certifi-
cates 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 advertising directed
by this Act, and all other incidental expenses connected with the ex-
ecution of its provisions in connection with said loan.

Sec. 5. And be it further enacted, That (A) The actual cash pro-
ceeds of the sale of the Certificates of Indebtedness to be issued un-
der this Act shall be paid to the Treasurer of the State upon the war-
rant of the Comptroller and such proceeds shall be used exclusively
for the following purposes, to wit: