1548                             LAWS OF MARYLAND                        [CH. 710

Works; and upon the day and at the time mentioned in said advertise-
ment as the time for the receipt of bids for the said bonds or certifi-
cates of indebtedness they shall receive such sealed bids 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 bids, as many of said bonds or certificates of indebted-
ness as had been so bid for shall be 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 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 offered for sale, such bonds or certificates of in-
debtedness shall be awarded to such responsible bidders bidding the
same price in a ratable proportion; RESPONSIBLE BIDDERS
HAVE MADE BIDS RESULTING 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 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 that they shall not
be sold at a private sale for less than par and accrued interest.

(e)    The sum of Fifty Thousand Dollars ($50,000) or so much
thereof as may be necessary shall be paid by the Treasurer of the
State upon the warrant of the Comptroller out of the proceeds of
the sale of the 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 authorized, and for the
payment of the advertising directed by this section, and all other
incidental expenses connected with the execution of its provisions in
connection with said loan.

The balance of the proceeds of bonds issued under the provisions
of this section shall be paid to the State Treasurer and shall be
paid out by the State Treasurer upon the order of the Authority,
and upon warrants of the State Comptroller, solely for the purposes
set forth in subsection (a) of this section.

(f)    For the payment of the principal of and the interest on the
bonds or certificates of indebtedness issued under the provisions of
this section as the same become due and payable, there shall be
and is hereby laid an annual tax which shall consist of such amounts
as may be necessary of the proceeds of the tax of the net income
of certain corporations, imposed pursuant to the provision of Section
288(f) of Article 81 of the Annotated Code of Maryland (1957 Edi-
tion, as amended), subject to the prior use and application thereof
for the purpose of complying with the provisions of Sections 8 and
8A of this Article.

(g)    Levy of property tax.—In addition, there shall be and is
hereby levied and imposed an annual State tax on each one hundred
dollars of assessable property at a rate to be determined in the
following manner; on or before December MAY 1, 1967, and on or
before May 1 in each year thereafter, the Board of Public Works shall
certify to the governing bodies of each of the counties and of Balti-
more City the rate of State tax on each one hundred dollars of