J. MILLARD TAWES, GOVERNOR                            515

under the provisions of this Act, the Board of Public Works is hereby
directed to advertise once before the said Certificates of Indebted-
ness, or any part thereof, shall be issued, in two newspapers pub-
lished 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 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 Indebt-
edness shall be adjusted with the purchaser thereof under such regu-
lations 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
designated 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,
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 Certifi-
cates of Indebtedness, for the payment of the expense of engrav-
ing, 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
execution of its provisions 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 payment
for said certificates, first return to and credit the Treasury 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 credited on
the books of the State Treasury Department, to be expended as
needed by the State, upon approval by the Board of Public Works,