Worcester Democrat and the ledger-enterprise. (Pocomoke City, Md.) 1921-1953, 1922-07-22
PUBLIC GENERAL LAWS

That in order to provide for the selling
of the certificates Of indebtedness
aforesaid, to be issued under the pro.
visions of this Act, the Governor,
Comptroller of the Treasury and the
Treasurer of this State, or majority
of them, are hereby directed to ad-
vertise twice week for four success
sive weeks before the said certificates
of Indebtedness, or any part thereof,
shall be issued, in two newspapers
published in the City of Baltimore,
that the Treasurer of this State will
be in readiness at a time within fif-
teen days after the expiration of said
notice to receive bids at such place or
places as may be named in said re-
spective advertisements for bonds or
certificates of Indebtedness issued I'M
der the provisions of this Act, under
such regulations as may be made in
the discretion of the Governor, Comp
troller of the Treasury, and Treasurer,
or a majority of them; and the &C
crued interest between the date of the
bonds or certificates of indebtedness
and the time of sale and delivery of
any payment for said bonds or certi-
ficates of Indebtedness shall be adjust
ed with the purchaser thereof under
such regulations as may be made in
the discretion Of the Governor, Comp
troller of the Treasury, and Treasurer,
or majority of them; and upon the
day mentioned in said advertisement
as the day 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 award
ed by the Governor, Comptroller OF
the Treasury, and Treasurer, or a ma
jority of them, to the highest respons-
ible bidder or bidders therefor for
cash, if the prices bid are adequate,
in the Judgment of the Governor,
Comptroller of the Treasury, and
| Treasurer, or a majority of them, and
when two or more bidders have made
the same bid, and such bid is the high
est and the certificates so bid for by
! the highest responsible bidders are in
excess of the whole amount of the
certificates so offered for sale, such
bonds or certificates of Indebtedness
shall be awarded to such highest re-
sponsible bidders bidding the same
price in ratable proportion, and if
any of said certificates so offered for
sale are not bid for, or II any INSULT
cient price be bid for them, they may
be subsequently disposed of under the
direction of the Governor, Comptroller
of the Treasury, and Treasurer, or a
majority of them, at 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. 5. And be it further enacted,
That the sum of ten thousand ($10,-
O00) dollars, or so much thereof as
may be necessary, shall be paid by
the Treasurer of this State upon the
warrant of the Comptroller out of the
proceeds of the sale of bonds or GER
tifcates of Indebtedness for the pay
ment of the expense of engraving,
printing and other OUTLAWS connected
with the issue of the loan hereby au-
thorized, and for the payment of the
advertising directed by this Act, and
! all other incidental expenses connected
with the execution of its provisions in
connection with said loan.
SEC. 6. And be 1T further enacted,
That the actual cash proceeds of the
sale of the certificates of indebted
ness to be issued under this Act shall
be used exclusively for the following
purposes, to wit:
The Comptroller shall, Immediately
upon the sale of and payment for said
bonds or certificates of Indebtedness,
LliSI lCtul IL W anu CiCNlC tliC CSlo>
ury with whatever advances or pay
ments may have been made as provid-
ed for by Section of this Act. The
remainder of the proceeds of said loan
shall thereupon be turned over to the
State Roads Commission and used by
it from time to time, as and when the
same shall become necessary, for the
following purposes: Said proceeds
shall be used and expended by the
State Roads Commission, first, one
hundred and fifty thousand dollars
($150,000) as hereinafter directed, for
the construction of such bridges in the
several counties Of the State as may
be selected by the State Roads Com
mission; second, one-half Of the resi-
due of the net proceeds received from
the sale of said bonds or certificates
of Indebtedness, with the aid of Fed
eral funds appropriated for such pur-
pose by any Act or Acts of Congress,
for the construction, in the several
counties of the State, of such rural
post roads as may be selected by the
State Roads Commission; and third,
tha remaining Onp,half of the net DrO-