MARVIN MANDEL,

Governor

1629

of the time of their issue as provided in subsection (b)
of this section. Each of said bonds or certificates
shall be signed in the manner prescribed by § 3 of
Article VI of the Constitution of Maryland.

(d) Advertising sale of bonds or certificates.
—In order to provide for the selling of the bonds or
certificates of indebtedness aforesaid, to be issued
under the provisions of this section, the Board of Public
Works is hereby directed to advertise once before the
said bonds or 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 sealed bids at such place or
places as may be named in said advertisements for bonds
or certificates of indebtedness issued under the
provisions of this section, 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 payments 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
and at the time mentioned in said advertisement as the
time for the receipt of bids for the said bonds or
certificates of indebtedness they shall receive such
sealed bids 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 bids, as many of said bonds or certificates
of indebtedness as had 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 that they shall
not be sold at a private sale for less than par and
accrued interest.

(e) Disposition of proceeds of sale. —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 [cates] 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 advertising directed by this
section, and all other incidental expenses connected with
the execution of its provisions in connection with said
loan.