J. MILLARD TAWES, Governor                     1103

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 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 Certificates 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 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 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 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 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 (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 exclu-
sively 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 Treasury
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