712                              LAWS OF MARYLAND                     [CH. 415

Sec. 2. And be it further enacted, That the Board of Public
Works is hereby authorized and directed to have prepared proper Cer-
tificates of Indebtedness of the State in good and sufficient form to
aggregate the amount of Six Hundred Thousand Dollars ($600,000),
FIVE HUNDRED AND TWENTY-FIVE THOUSAND DOLLARS
($525,000.00), as evidence of such loan; such Certificates of Indebted-
ness 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. 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 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 Indebted-
ness shall be adjusted with the purchaser thereof under such regu-
lations 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
designated in said advertisements; and on the opening of such
sealed proposals, as many of said bonds or Certificates of Indebted-
ness 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 sum of Five Thousand
Dollars ($5,000.00), 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 Cer-
tificates 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.