398                             LAWS OF MARYLAND                      [CH. 159

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 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 payment
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 Certifi-
cates of Indebtedness as may be mentioned or designated in said
advertisement; 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
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 neces-
sary, 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
engraving, printing and other outlays connected with the issue
of the loan hereby authorized, and for the payment of the adver-
tising directed by this Act, and all other incidental expenses con-
nected with the execution of its provisions in connection with said
loan.

Sec. 5. And be it further enacted, That (A) 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, to wit:

(B) The Comptroller shall immediately upon the sale of and
payment for said certificates, first, return to and credit the Treas-
ury for a sum equivalent to the amount expended, as provided in
Section 4 of this Act; the remainder of the proceeds of said loan
shall be credited on the books of the State Treasury Department,