J. MILLARD TAWES, GOVERNOR                               573

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 Eight Million Dollars ($8,000,000), 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 Indebted-
ness shall be adjusted with the purchaser thereof under such regula-
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 desig-
nated 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 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
execution of its provisions in connection with said loan. The balance
of the proceeds of bonds issued under the provisions of this Act shall