SPIRO T. AGNEW, Governor                       625

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 payment 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 date 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
advertisement; and on the opening of such sealed proposals, as many
of said bonds or 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

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; 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 RESPONSI-
BLE 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 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 Sixty-five
Thousand Dollars ($65,000), 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 Certifi-
cates 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.

Sec. 5. And be it further enacted, That (A) The actual cash
proceeds of the sale of the Certificates of Indebtedness to be issued
under this Act shall be paid to the Treasurer of the State upon the
warrant of the Comptroller and such proceeds shall be used exclu-
sively for the following purposes, to wit:

(B) The Comptroller shall immediately upon the sale of and
payment for said certificates, first, return to and credit the Treasury
for a sum equivalent to the amount expended, as provided in Section
4 of this Act; the remainder of the proceeds of said loan shall be