588                              Laws of Maryland                       [Ch. 432

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
the 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 ad-
justed 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 bid-
der 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 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.

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.

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:

(1) The Comptroller shall immediately upon the sale and the
payment for said certificates, first, return to and credit to the
Treasury for a sum equivalent to the amount expended, as provided
in Section 4 of this Act.