SPIRO T. AGNEW, Governor                      1123

of said certificates is signed and countersigned in the manner pre-
scribed 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, are issued, in two newspapers published in the
City of Baltimore and in such other manner as the Board of Public
Works in its discretion determines, 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
are 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 Indebtedness is 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 will receive such sealed pro-
posals for the purchase of as many of such bonds or Certificates of
Indebtedness as are 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 are 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 judg-
ment of the Board of Public Works, and when two or more 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 bidders; or if any in-
sufficient 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 are
not sold at private sale for less than par and accrued interest.

SEC. 4. And be it further enacted, That the sum of Twenty
Thousand Dollars ($20,000), or so much thereof as may be necessary,
is paid by the Treasurer of the State upon the warrant of the Comp-
troller 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 here author-
ized, 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
from the sale of Certificates of Indebtedness to be issued under this
act are paid to the Treasurer of the State upon the warrant of the
Comptroller, and such proceeds are used exclusively for the following
purposes:

1. The Comptroller immediately upon the sale and the payment
for said certificates, first returns to and credits to the treasury for a
sum equivalent to the amount expended, as provided in Section 4 of
this act.