Marvin Mandel, Governor                        1305

Sec. 2. And be it further enacted, That the Board of Public Works
is hereby authorized and directed to have prepared proper Certifi-
cates of Indebtedness of the State in good and sufficient form to
aggregate the amount of Fifty Million Dollars ($50,000,000.00), 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 date of 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 Cer-
tificates 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 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 bid-
ders; or if any insufficient price be bid for them they may be subse-
quently 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 Comptroller 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 adver-
tising directed by this Act, and all other incidental expenses con-
nected with the execution of its provisions in connection with said
loan.