652                             laws of Maryland                       ch. 436

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 One Million Eight Hundred Thousand
Dollars ($1,800,000.), as evidence of such loan; such Certificates of
Indebtedness shall bear date as of the time of their issue as pro-
vided 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 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, shall be issued, in two news-
papers 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 expiration of said notice to receive bids at
such place or places as may be named in said respective advertise-
ments 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 inter-
est 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 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 advertisements; 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 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 private sale for less than
par and accrued interest.

Sec. 4. And be it further enacted, That the sum of Five Thousand
Dollars ($5,000.00), or so much thereof as may be necessary, shall
be 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