Marvin Mandel, Governor                        1021

LOAN and certificates and every part thereof, and the interest pay-
able 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 One Million Two Hundred and Fifty
Thousand Dollars ($1,250,000.) as evidence of such loan; such Cer-
tificates 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 In-
debtedness 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 adver-
tisements 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 in-
terest between the date of the bonds or Certificates of Indebtedness
and the time of sale and DATE OF delivery of and payment for said
bonds or Certificates of Indebtedness shall be adjusted with the pur-
chaser thereof under such regulations as may be made in the discre-
tion 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 therefor for cash, if the prices bid are adequate, in the judge-
ment of the Board of Public Works, and, when two or more respon-
sible 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 insuf-
ficient 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 so much thereof as may
be necessary shall be paid by the Treasurer of the State upon the
warrant of the Comptoller out of the proceeds of the sale of said
bonds or Certificates of Indebtedness for the payment of the expense
of engraving, printing and other outlays connected with the issue
of the loan hereby authorized, and for the payment of the advertis-
ing directed by this Act, and all other incidental expenses connected
with the execution of its provisions in connection with said loan.