Marvin Mandel, Governor                         327

The resolution authorizing the issuance of said loan or any por-
tion thereof shall set forth in detail the dates when any of the certifi-
cates representing said loan or any portion thereof are to be re-
deemed and the amount to be redeemed upon such dates, respectively.
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 Certifi-
cates of Indebtedness of the State in good and sufficient form to
aggregate the amount of Fifty Million Five Hundred Thirty Six
Thousand Dollars ($50,536,000) FIFTY EIGHT MILLION NINE
HUNDRED SIXTY-THREE THOUSAND EIGHT HUNDRED
DOLLARS ($58,963,800), as evidence of such loan; such Certificates
of Indebtedness shall bear date as of the time of their issue as pro-
vided 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 deter-
mine, 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 respec-
tive 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 DATE OF delivery of and pay-
ment 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 men-
tioned 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 Indebted-
ness 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 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 so much thereof as may be
necessary shall be paid by the Treasurer of the State upon the war-