SPIRO T. AGNEW, Governor                       687

hereby directed to advertise once before the said Certificates of
Indebtedness, 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 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 Certifi-
cates 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 Indebted-
ness 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 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 pri-
vate sale for less than par and accrued interest.

Sec. 4. And be it further enacted, That the sum of twenty five
thousand dollars ($25,000), or so much thereof as 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, print-
ing and other outlays connected with the issue of the loan here
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, (a) That the actual cash pro-
ceeds from the sale of 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 ex-
clusively for the purposes set forth under the provisions of this Act.
THE COMPTROLLER SHALL IMMEDIATELY UPON THE SALE
OF AND PAYMENT FOR SAID CERTIFICATES, FIRST, RE-
TURN TO AND CREDIT THE TREASURY FOR A SUM EQUIV-
ALENT TO THE AMOUNT EXPENDED AS PROVIDED IN
SECTION 4 OF THIS ACT.

CONSTRUCTION GRANTS

(b) Of the actual cash proceeds from the sale of Certificates of
Indebtedness to be issued under this Act, the sum of one hundred