The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1922-08-04
PUBLIC GENERAL LAWS

such certificates of Indebtedness
shall bear date as oi ;ae time ol
their issue as provided ii Section
OF this Act. and shall not be issued
in less sums than one hundred uol-
lars ($1OU.OU) Or any multiple
thereof. Each of said certificates
shall be signed b. the Treasurer OF
the State and countersigned by the
Comptroller of the Treasury, anu
shall bear interest at the rate nNed
by resolution OF said Board of PUP
lie Works, payable semi-annually'
and portion or all of said certifi-
Gates may be registered. and the SAID
certificates. or any portion thereon
shall have interest coupons attached.
all as the Governor. Comptroller OF
the Treasury and Treasurer or ma
jOrty of them, shall determine.
SEC. 6. And BE- it tWther enacted.
That in order to provide for the sell
ing of the certificates of indebted
ness aforesaid, to be issued under
the provisions of this Act, the Gov
ernor. Comptroller of the Treasury
and the Treasurer of this State, or
a ma jority of them, are hereby di-
rected to advertise twice a week for
four successive 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
L.. h in RI LINZ a :
time within G5) days after the eX-
piration of said notice to receive bids
at sMch place or places may be named
in said respective advertisements
for bonds or certificates of indebt-
edness issued under the provisions
of this Act, under such regulations
as may be made in the discretion OF
the Governor. Comptroller OF the
Treasury and Treasurer. or ma
jor1ty of them; and the accrued in
terest between the date of the bonds
or certificates of Indebtedness and
the time of sale and delivery of and
payment for said bonds or certih-
Gates of Indebtedness shall be ad-
justkd with the purchaser Thereon
under such regulations as may be
made in the discretion of the Gov
ernur, Comptroller of the Treasury
and Treasurer, or majority OF
them; and upon the day mentioned
in said advertisement as the day for
opening the bids or the proposals
thereby called for they shall receive
such sealed proposals for the pur-
chase 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 proposals, as many OF
SAID bonds or certificates of indebt-
edness as have been so bid for shall
be awarded by the majority OF them
TO the highest responsible bidder or
bidders therefor for cash, If the
prices bid are adequate. in the
Judgment OF the Governor, Comp
troiler of the Treasury and Treas
urer. or a majority of them, and
when two or more bidders have
made the same bid and such bid Is
tha highest and the certificates so
bid1 for by the highest responsible
bidders are in excess of the whole
amount of the certificates so offered
foI7 sale, such bonds or certificates
of Indebtedness shall be awarded TO
such highest responsible bidders
bidding the same price in ratable
p1bportion; and If any of said GER
tificates so offered for sale are not
bid for. or if any insufficient price
be bid for them, they may be sub
saquently disposed of under the dl-
raction of the Governor, Comptroller
If the Treasury and Treasurer, or
majority of them, at private sale
upon the best terms they can obtain
for the same; provided they shall
not be sold for less than par and
accrued interest
SEC T. And be il further enacted.
That the sum of ten thousand dol
liars ($1O. 00O.00) or so much there
of 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 certificates of indebtedness, for
the payment of the expense of en-
craving. printing and other OUTLAWS
connected with the issue OF the loan
hereby authorized and for the pay
ment of the advertising directed by
this Act, and all other incidental ex-
penses in connection with the execu-
ton of its provisions pertaining to
said loan.
SIC s. And be il further enacted.
That the actual cash proceeds of the
sale of the certificates of indebted
ness to be issued under this Act
shall be paid to the Treasurer of
the State. and such proceeds shall
be used exclusively for the follow
ing purposes. to wit: The Comp
troller shall Immediately upon the
sale of and payment for said bonds
or certificates of indebtedness first
J return to and credit the Treasury
for whatever advances or payments
may have been made as provided for
by Section of this Act. The re-
mainder of the proceeds of said loan
no ba tnrnaH nVar pra1itpR m