1278                           LAWS OF MARYLAND                     [CH. 722

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 Sec-
tion 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 un-
der the provisions of this Act, the Board of Public Works is hereby
directed to advertise once before the said Certificate 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 Pub-
lic Works in its discretion may determine, that the Treasurer of this
State will be in readiness at a time within twenty (20) days after
expiration of said notice to receive bids at such place or places as
may be named in said respective advertisements for bonds or Certifi-
cates 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 shall receive such
sealed proposals for the purchase of as many of such bonds or Cer-
tificates of Indebtedness as may be 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
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 bid-
der 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 propor-
tion; or if any insufficient price 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 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 Ten Thousand
Dollars ($10,000), or so much thereof as may be necessary, shall be
paid by the Treasurer of the State upon the warrant of the Comptrol-
ler 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 au-
thorized 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, to wit: