1050                            LAWS OF MARYLAND                     [CH. 420

have 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 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 they shall not be sold at private
sale for less than par and accrued interest.

Sec. 4. And be it further enacted, That 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 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 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:

(a)   The Comptroller shall immediately upon the sale of and pay-
ment for said certificates, first, return to and credit the Treasury for
a sum equivalent to the amount expended, as provided in Section 4
of this Act.

(b)  The remainder of the proceeds of such loan shall be credited
on the books of the State Comptroller, to be made part of the Indus-
trial Project Mortgage Insurance Fund of the Maryland Industrial
Development Financing Authority established by Section 266S of
Article 41 of the Annotated Code of Maryland (1968 Cumulative
Supplement) and to be subject to all the terms, conditions, and pur-
poses set forth in the Maryland Industrial Development Financing
Authority Act contained in said Article, as amended.

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 One Hundred Dollars ($100) of assessable property at the
rate to be determined in the following manner: on or before May 1,
1970, 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 One
Hundred Dollars ($100) of assessable property necessary to produce
revenue to meet all interest and princip