Marvin Mandel, Governor                         353

vertisement as the day 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 designated in said advertisements; and on the
opening of such sealed proposals, as many of said bonds or Certifi-
cates 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 in-
sufficient price be bid for them, they may be subsequently dis-
posed 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 en-
graving, printing and other outlays connected with the issue of the
loan here HEREBY authorized, and for the payment of the advertis-
ing 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
from the sale of Certificates of Indebtedness to be issued under this
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: (a) The Comp-
troller shall immediately upon the sale of and payment for said Cer-
tificates, first, return to and credit the Treasury for a sum equivalent
to the amount expended as provided in Section 4 of this Act.

(b) Of the actual proceeds from the sale of Certificates of In-
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.    OF THE ACTUAL PROCEEDS FROM THE SALE OF CER-
TIFICATES OF INdebtedness to be issued under this Act, (1) the
sum of Ten Million Dollars ($10,000,000), less a proportionate share
of the costs specified in Section 4 of this Act, shall be used exclusively
to provide a State grant to the Metropolitan Transit Authority pursu-
ant to Article 64B of the Annotated Code of Maryland (1969 Cumula-
tive Supplement) for the purpose of providing funds for paying the
cost of acquisition of existing transit facilities and also for paying the
cost of improved and expended EXPANDED transit facilities; (2)
the sum of Ten Million Dollars ($10,000,000), less a proportionate
share of the cost specified in Section 4 of this Act, shall be granted to