J. MILLARD TAWES, Governor                     1171

particular time, as the case may be. Said loan and certificates and
every part thereof and the interest payable thereon shall be and
remain exempt from State, County and municipal taxation.

Sec. 3. 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 Three Million, Five Hundred Thousand
Dollars ($3,500,000.00) 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. 4. 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 payments for said bonds or Certificates of In-
debtedness 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 proposals for the purchase of as many of such
bonds or Certificates of Indebtedness as may be mentioned or desig-
nated 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 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. 5. And be it further enacted, That the sum of Twenty
Thousand Dollars ($20,000), 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 Certifi-
cates of Indebtedness, for the payment of the expense of engraving,