680                             LAWS OF MARYLAND                       CH. 443

to aggregate the amount of Three Million, Five Hundred Thousand
Dollars ($3,500,000) 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. 4. 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 Indebted-
ness, or any part thereof, shall be issued in two newspapers pub-
lished 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 provi-
sions 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 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 Certificates offered for sale,

such bonds or Certificates of Indebtedness shall be awarded to such

responsible bidders bidding the same price in a ratable propor-.

tion; 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 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. 5. And be it further enacted, That the sum of Twenty Thou-

sand Dollars ($20,000), 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 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 here
authorized and for the payment of the advertising directed by this