1406                           LAWS OF MARYLAND                      [CH. 655

tificates representing said loan or any portion thereof are to be
redeemed and the amount to be redeemed upon such dates, respec-
tively, according to the serial annuity plan applied to said loans as
a whole or to the group of certificates evidencing a part of said loan
issued at a particular time, as the case may be. Said loan and certifi-
cates and every part thereof, and the interest payable thereon shall
be and remain exempt from State, county and municipal taxation.

Sec. 2. 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 Fifty Million Dollars ($50,000,000.00),
as evidence of such loan; such Certificates of Indebtedness shall bear
the date as of the time of their issue as provided in Section 1 of this
Act. Each of said certificates shall be signed in the manner pre-
scribed by Section 3 of Article VI of the Constitution of Maryland.

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 here-
by directed to advertise once before the said Certificates of Indebt-
edness or any part thereof shall be issued, in two newspapers pub-
lished 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 provi-
sions of this Act, under such regulations as may be made in the dis-
cretion 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 Cer-
tificates 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 adver-
tisement as the day for opening the bids for the proposals thereby
called for, they shall receive such sealed proposals for the pur-
chase 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 Certifi-
cates of Indebtedness as have been so bid for shall be awarded by
the Board of Public Works to the highest responsible bidder or bid-
ders therefor for cash, if the prices bid are adequate, in the judg-

ment 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 certifi-

cates 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 responsible
bidders bidding the same price in a ratable proportion; or if any
MENT OF THE BOARD OF PUBLIC WORKS, AND WHEN TWO
OR MORE RESPONSIBLE BIDDERS HAVE MADE BIDS RE-
SULTING IN THE SAME NET INTEREST COST TO THE
STATE AND SUCH BIDS ARE THE HIGHEST, THEN SUCH
BONDS SHALL BE AWARDED BY LOT TO ONE OF SUCH
RESPONSIBLE BIDDERS; 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