SPIRO T. AGNEW, Governor                      1287

such bonds or certificates of indebtedness as are mentioned or des-
ignated in said advertisements; and on the opening of such sealed
proposals, as many of said bonds or certificates of indebtedness as
have been so bid for are awarded by the Board of Public Works, to the
highest responsible bidder or bidders therefor for cash, if the prices
bid are adequate, in the judgment of the Board of Public Works, and
when two or more bidders make 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 are awarded to

such responsible bidders bidding the same price in a ratable pro-

portion; RESPONSIBLE BIDDERS HAVE MADE BIDS RESULT-
ING IN THE SAME NET INTEREST COST TO THE STATE
AND SUCH BIDS ARE THE HIGHEST, THEN SUCH BONDS
SHALL BE AWARDED BY LOT TO ONE OF SUCH RESPONSI-
BLE BIDDERS; 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; provided they are not sold at private sale for less than par and
accrued interest.

(g) The sum of Twenty Thousand Dollars ($20,000.), or so much
thereof as may be necessary, is paid by the Treasurer of the State
upon the warrant of the Comptroller 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 here authorized and for the payment of the adver-
tising directed by this act, and all other incidental expenses, con-
nected with the execution of its provisions in connection with said
loan.

(h) The actual cash proceeds from the sale of certificates of in-
debtedness to be issued under this section shall be paid by the Treas-
urer of the State upon the warrant of the Comptroller to the Author-
ity for the purpose of maintaining the mortgage insurance fund at a
level deemed adequate by the Authority to meet its obligations.

(i) Until all of the interest on and principal of any certificates
issued under this act are paid in full, there is hereby levied and im-
posed an annual State tax on each One Hundred Dollars ($100.00)
of assessable property at the rate to be determined in the following
manner: On or before December 1, 1964, and on or before December
1st of each calendar MAY 1, 1968, AND ON OR BEFORE MAY 1ST
OF EACH TAXABLE year thereafter the Board of Public Works
certifies SHALL CERTIFY to the governing bodies of each of the
counties and of Baltimore City the rate of State tax on each One
Hundred Dollars ($100.00) of assessable property necessary to pro-
duce which will be payable to the close of the next ensuing calendar
year revenue to meet all interest and principal REVENUES TO
MEET ALL INTEREST AND PRINCIPAL WHICH WILL BE
PAYABLE TO THE CLOSE OF THE NEXT ENSUING TAXABLE
YEAR/on all certificates theretofore issued or theretofore authorized
by resolution of the Board of Public Works to be issued, and the gov-
erning bodies of each of the counties and Baltimore City will forth-
with levy and collect such a tax at such a rate.

(j) All matters committed by this act to the discretion of the
Board of Public Works are determined by a majority of said Board.