1632                              Laws of Maryland                       [Ch. 887

The resolution authorizing the issuance of said loan or any portion
thereof shall set forth in detail the dates when any of the certificates
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 par-
ticular 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
Certificates of Indebtedness of the State in good and sufficient form
to aggregate the amount of One Hundred Twenty five Thousand Dol-
(lars ($125,000.00), TWO HUNDRED AND FIFTY-FIVE THOU-
SAND DOLLARS ($255,000.00), as evidence of such loan; such Cer-
tificates of Indebtedness shall bear date as of the time of their issue
as provided in Section I 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 Pub-
lic 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 Cer-
tificates 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 mentioned or designated in said adver-
tisements; 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 re-
sponsible 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; pro-
vided, they shall not be sold at private sale for less than par and ac-
crued interest.