SPIRO T. AGNEW, Governor                        921

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 Dollars ($1,000,000) as
evidence of such loan; such Certificates of Indebtedness shall bear
date 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
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 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 In-
debtedness 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 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 Indebted-

ness shall be awarded to such responsible bidders bidding the same
price in a ratable proportion; AND WHEN TWO OR MORE RE-
SPONSIBLE 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. 4. And be it further enacted, That the sum of Twenty-Five
Thousand Dollars ($25,000), or so much thereof as may be neces-
sary, shall be paid by the Treasurer of the State upon the warrant
of the Comptroller out of the proceeds for the sale of said bonds or
Certificates of Indebtedness, for the payment of the expenses of en-