J. MILLARD TAWES, Governor                     1019

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 are and will 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 Five Million Dollars ($5,000,000)
as evidence of such loan; such certificates of indebtedness are dated
as of the time of their issue as provided in Section 1 of this act.
Each of said certificates is 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, are issued, in two newspapers published in the
City of Baltimore and in such other manner as the Board of Public
Works in its discretion determines, 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
are 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 indebtedness is 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 will receive such sealed pro-
posals for the purchase of as many of such bonds or certificates of
indebtedness as are mentioned or designated 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 are 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 make 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 are 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
are not sold at private sale for less than par and accrued interest.

Sec. 4. And be it further enacted, That the sum of Twenty
Thousand Dollars ($20,000), or so much thereof as may be necessary,
is 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 here
authorized, and for the payment of the advertising directed by this