J. MILLARD TAWES, Governor                     1445

Certificates of Indebtedness of the State in good and sufficient form
to aggregate the amount of Five Hundred Thousand Dollars ($500,
000.00) SEVENTY-FIVE THOUSAND DOLLARS ($75,000.00), 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 Certificate of
Indebtedness, or any part thereof, shall be issued, in two news-
papers 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 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 Indebt-
edness 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 pro-
posals for the purchase of as many of such bonds or Certificates
of Indebtedness as may be mentioned or designated in said ad-
vertisements; 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
Certificates offered for sale, such bonds or Certificates of In-
debtedness 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
Certificates of Indebtedness, for the payment of the expense of en-
graving, 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.