MARVIN MANDEL, Governor                      1379

redeemed and the amount to be redeemed upon such dates, respec-
tively, according to the serial annuity plan applied to said loan as
a whole or to the group of certificates evidencing a part of said
loan issued at a particular time, as the case may be. Said loan and
certificates and every part thereof and the interest payable thereon
shall be and remain exempt from State, county and municipal
taxation.

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 Sixteen Million Five Hundred Thousand
Dollars ($16,500,000), 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 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 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 there-
for for cash, if the prices bid are adequate, in the judgment of the
Board of Public Works, and where 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 b