Democratic messenger. [volume] (Snow Hill, Md.) 1869-1973, 1922-08-05
PUBLIC GENERAL LAWS

of this Act. as evidence OF such loan:
such certificates OF Indebtedness
shall bear date as OF the time of
their issue as provided in Section 3
pf this Act and shall not be issued
I'm less sums than one hundred dol
lars ($100.00) or any multiple
thereof. Each OF said certificates
shall be signed by the Treasurer OF
The State and countersigned by the
Comptroller OF the Treasury. and
shall bear interest at the rate fixed
by resolution OF said Board of Pub
JIG Works. payable semi-annually.
and a portion or all Of said certifi-
Gates may be registered, and the said
certificates, or any portion thereof,
shall have interest coupons attached.
all as the Governor, Comptroller OF
the Treasury and Treasurer or a ma
jorty OF them, shall determine.
SEC. 6. And be IL further 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
n majority of them. are hereby d.
rected to advertise twice a week for
four successive weeks before the
paid 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 (15) days after the ex-
piration Of said notice TO receive bids
at such 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 a ma
jority 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 certifi-
Gates of Indebtedness shall be ad-
justed with the purchaser thereof
under such regulations as may be
made in the discretion OF the Gov
ernor. Comptroller OF the Treasury
and Treasurer, or majority OF
them; and upon the day mentioned
in said advertisement az 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, II the
prices bid are adequate, in the
Judgment OF the Governor, Comp
troller 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
the highest 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 responsible bidders
bidding the same price in ratable
proportion: and ii any of said GER
tiiicates so offered fer sale are not
bid for. or IL any insufficient price
be bid for them. they may be sub
sequently disposed of under the di-
rection 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 for less than par and
accrued interest.
SIC. 7. And Dc i. further enacted.
That the sum Of ten thousand dol
lars ($10.00O.00) or so much there
of as may he 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 outlays
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 it's provisions pertaining TO
said loan.
SIC. s. And DC 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
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