SPIRO T. AGNEW, Governor                         223

representing said loan or any portion thereof are to be redeemed
and the amount to be redeemed upon such dates, respectively, accord-
ing to the serial annuity plan applied to said loan as a whole or to the
group of certificates evidencing a part of said loan issued at a par-
ticular 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.

(c)    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 Four Million
Dollars ($4,000,000), as evidence of such loan; such Certificates of
Indebtedness shall bear date as of the time of their issue as provided
in subsection (b) of this Section. Each of said certificates shall be
signed and countersigned in the manner prescribed by Section 3 of
Article VI of the Constitution of Maryland.

(d)    In order to provide for the selling of the Certificates of
Indebtedness aforesaid, to be issued under the provisions of this
Section, 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 dis-
cretion may determine, that the Treasurer of the State will be in
readiness at a time within twenty (20) days after the expiration of
said notice to receive sealed bids at such place or places as may be
named in said respective advertisements for Certificates of Indebted-
ness issued under the provisions of the Section, under such regu-
lations as may be made in the discretion of the Board of Public
Works; and the accrued interest between the date of the Certificates
of Indebtedness and the time of sale and delivery of and payments
for said Certificates of Indebtedness shall be adjusted with the pur-
chaser thereof under such regulations as may be made in the
discretion of the Board of Public Works; and upon the day and
at the the time mentioned in said advertisement as the time for receipt
of bids for the said Certificates of Indebtedness, they shall re-
ceive such sealed bids for the purchase of as many of such
Certificates of Indebtedness as may be mentioned or designated in
said advertisements; and on the opening of such sealed bids, as many
of said 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 bidders are

in excess of the whole amount of the Certificates offered for sale,

such Certificates of Indebtedness shall be awarded to such respon-
sible bidders bidding the same price in a ratable proportion RESPON-
SIBLE BIDDERS HAVE MADE BIDS RESULTING 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 BID-
DERS; or if any insufficient price be bid for them, they may be sub-
sequently 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 a private sale for less than par and
accrued interest.