Marvin Mandel, Governor                        1121

the Board of Public Works; and the accrued interest between the
date of the bonds or Certificates of Indebtedness and the time of
sale and DATE OF delivery of and payment for said bonds or Cer-
tificates of Indebtedness shall be adjusted with the purchaser thereof
under such regulations as may be made in the discretion of the Board
of Public Works; and upon the day mentioned in said advertisement
as the date for opening the bids for the proposals thereby called
for, they shall receive such sealed proposals for the purchase of as
many of said SUCH bonds or Certificates of Indebtedness as may be
mentioned or designated in said advertisement; and on the opening of
such sealed proposals, as many of said bonds or Certificates of In-
debtedness as have been so bid for shall be awarded by the Board
of Public Works to the highest responsible bidder or bidders there-
for 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 war-
rant 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 immediately upon the sale of and payment
for said certificates, first, shall return to and credit the Treasury
for a sum equivalent to the amount expended, as provided in Sec-
tion 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 In-
dustrial Project Mortgage Insurance Fund of the Maryland Indus-
trial Development Financing Authority established by Section 266S
of Article 41 of the Annotated Code of Maryland (1969 Cumulative
Supplement) and to be subject to all the terms, conditions, and
purposes set forth in the Maryland Industrial Development Financ-
ing 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, 1971, and on or before May 1, in each taxable year there-