416 LAWS OF MARYLAND [CH. 126

bidders bidding the same price in a ratable proportion; or if any in-
sufficient 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 the sum of Ten Thousand
Dollars ($10,000), or so much thereof as may be necessary, shall be
paid by the Treasurer of the State upon the warrant of the Comp-
troller out of the proceeds of the sale of said bonds or Certificates of
Indebtedness, for the payment of the expense of engraving, printing
and other outlays connected with the issue of the loan hereby author-
ized and for the payment of the advertising directed by this Act, and
all other incidental expenses connected with the execution of its pro-
visions in connection with said loan.

SEC. 5. And be it further enacted, That the actual cash proceeds
of the sale of the Certificates of Indebtedness to be issued under this
Act shall be paid to the Treasurer of the State upon the warrant
of the Comptroller and such proceeds shall be used exclusively for
the following purposes, to wit:

The Comptroller shall immediately upon the sale of and payment
for said certificates, first return to and credit the Treasury for a
sum equivalent to the amount expended as provided for in Section 4
of this Act; the remainder of the proceeds of said loan shall be
credited on the books of the State Treasury Department, to be

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UP TO FIVE PER CENTUM (5%) OF ANY
PROJECT UNDER SECTION 6 OF PUBLIC LAW 87-27 (THE
AREA REDEVELOPMENT ACT) WITHIN AN OFFICIALLY
DESIGNATED REDEVELOPMENT AREA FOR THE PUR-
CHASE, LEASE, or development of land and facilities (including,
in cases of demonstrated need, machinery and equipment) for in-
dustrial or commercial usage, including the construction of new
buildings, the rehabilitation of abandoned or unoccupied buildings,
and to THE alteration, conversion, or enlargement of existing build-
ings. These purposes are as provided in Public Law 87-27, being an
Act of the 87th Congress of the United States generally known and
referred to as the Area Redevelopment Act, as it may be amended or
supplemented from time to time; and the provisions and purposes
of said Public Law 87-27, as it may be amended or supplemented
from time to time, are incorporated by reference in this Act insofar
as they may affect the purposes and procedures for expending LEND-
ING funds under the provisions of this Act. Without impairing the
generality of the preceding sentence, it is specifically provided that
for the purposes of this Act, a "redevelopment area" is as designated
from time to time by the Secretary of Commerce under said Public
Law 87-27, as it may be amended or supplemented from time to time.
AND IT IS FURTHER SPECIFICALLY PROVIDED THAT ONLY
THOSE PROJECTS AUTHORIZED UNDER SECTION 6 OF
PUBLIC LAW 87-27 SHALL BE ELIGIBLE FOR LOANS UNDER
THIS ACT.

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