368                              LAWS OF MARYLAND                       [CH. 138

of said bonds of Certificates of Indebtedness as have been so bid for
shall be awarded by the Board of Public Works, to the highest respon-
sible bidder or bidders therefor, for cash, if the prices bid are ade-
quate, in the judgment of the Board of Public Works, 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 bidder are in
excess of the whole amount of the Certificates offered for sale, such
bonds or Certificates of Indebtedness shall be awarded to such re-
sponsible bidders bidding the same price in a ratable proportion; 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; pro-
vided, 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 Forty Thous-
and Dollars ($10,000) THIRTY THOUSAND DOLLARS ($30,000),
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, print-
ing and other outlays connected with the issue of the loan hereby
authorized, 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. 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 used
as needed by the State, upon approval by the Board of Public Works,
and in accordance with the provisions of the subheading "Maryland
Hospital Commission", in the subtitle "Hospitals", in Article 43 of
the Annotated Code of Maryland, for loans to be made to voluntary
nonprofit hospitals for the construction, expansion, relocation, re-
placement or modernization of their hospital buildings, facilities and
equipment. For the purposes of these expenditures, the provisions
and requirements of said subheading are incorporated with this
section. No loan made hereunder shall be made at a rate of interest
greater than four per centum (4%).

Sec. 6. And be it further enacted, That until all of the interest on
and principal of any certificates issued under this Act have been paid
in full, there is hereby levied and imposed an annual State tax on
each $100 of assessable property, at the rate to be determined in the
following manner: on or before December 1, 1964, and on or before
December 1 in each calendar year thereafter, the Board of Public
Works shall certify to the governing bodies of each of the Counties
and Baltimore City, the rate of State tax on each $100 of assessable