Marvin Mandel, Governor                       2005

or any part thereof shall be issued in two newspapers published in
the City of Baltimore and in such other manner as the Board of
Public Works in its discretion may determine, that the Treasurer of
this State will be in readiness at a time within twenty (20) days
after the expiration of said notice to receive bids at such place or
places as may be named in said respective advertisements for bonds
or Certificates of Indebtedness issued under the provisions of this
Act, under such regulations as may be made in the discretion of the
Board of Public Works; and the accrued interest between the date
of the bond or Certificates of Indebtedness and the time of sale and
DATE OF delivery of and payment for said bonds or Certificates 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 such
bonds or Certificates of Indebtedness as may be mentioned or desig-
nated in said advertisement; and on the opening of such sealed
proposals, as many of said bonds or Certificates of Indebtedness as
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 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 exception 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:

1.    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 Section 4
of this Act.

2.      The remaineder REMAINDER of the proceeds of such loan
shall be credited on the books of the State Comptroller, to be expended
to supplement the financing of the construction of public junior or
community college buildings and facilities, and to supplement the
financing COST of the acquisition of such real estate as may be re-