J. MILLARD TAWES, Governor                     1197

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 di-
rected 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 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 will 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 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 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 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 shall be awarded to such re-
sponsible bidders bidding the same price in a ratable proportion;
or if any insufficient price shall be bid for them, they may be subse-
quently 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 Thou-
sand Dollars ($20,000), or so much thereof as may be necessary, is
paid by the Treasurer of the State upon the warrant of the Comp-
troller out of the proceeds 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 here 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: