J. MILLARD TAWES, Governor 421

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 municipal
taxation.

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

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TWENTY-TWO
MILLION THREE HUNDRED SIXTY-FIVE THOUSAND DOL-
LARS ($22, 365, 000), as evidence of such loan; such Certificates of
Indebtedness shall bear date as of 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 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 date 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 Indebted-
ness 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 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.