1440 LAWS OF MARYLAND CH. 714
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 certificates
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 Certif-
icates of Indebtedness of the State in good and sufficient form to
aggregate the amount of One Million Dollars ($1,000,000) as evi-
dence of such loan; such certificates of indebtedness shall be dated
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 Con-
stitution.
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 in-
debtedness, 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 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 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 will receive such sealed proposals for the purchase of as
many of such bonds or certificates of indebtedness as may be men-
tioned or designated in said advertisements; and on the opening of
such sealed proposals, as many of said bonds or certificates of in-
debtedness as have been so bid for shall be awarded by the Board
of Public Works, to the highest responsible bidder or bidders there-
for for cash, if the prices bid are adequate, in the judgment of
the Board of Public Works, and when two or more responsible
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 shall 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 so much thereof as may be
necessary, is paid by the Treasurer of the State upon the warrant
of the Comptroller out of the proceeds of said bonds or certificates
of indebtedness, for the payment of the expense of engraving, print-
ing, and other outlays connected with the issue of the loan here
authorized, and for the payment of the advertising directed by this
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