1298                           LAWS OF MARYLAND                      [CH. 646

INTEREST COST TO THE STATE AND SUCH BIDS ARE THE
HIGHEST, THEN SUCH BONDS SHALL BE AWARDED BY LOT
TO ONE OF SUCH RESPONSIBLE 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 shall
not be sold at private sale for less than par and accrued interest.

Sec. 5. 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 au-
thorized 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. 6. 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 5
of this Act; the remainder of the proceeds of said loan shall be
credited on the books of the State Treasury Department STATE
COMPTROLLER, to be expended as needed by the State, upon
approval by the Board of Public Works, and as further provided in
this Act, for the purpose of aiding in the construction of a convention
hall in Ocean City.

Sec. 7. And be it further enacted, That, after first deducting any
federal funds that are or may become available for the purpose of
aiding in the construction of a convention hall in Ocean City, the
payment of any funds under the provisions of this Act for these
purposes is contingent upon the provision that the mayor and
council of Ocean City acquire and provide the Ocean City Convention
Hall Commission a site for the convention hall.

Sec. 8. 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 May 1,1967 1968 and on or before
May 1 in each taxable 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
property necessary to produce revenues to meet all interest and
principal which will be payable to the close of the next ensuing tax-
able year on all certificates theretofore issued or theretofore author-
ized by resolution of the Board of Public Works to be issued, and the
governing bodies of each of the Counties and Baltimore City shall
forthwith levy and collect such tax rate at such rate.