100                              Laws of Maryland                        [Ch. 32

amount to be paid upon such dates, respectively. The bonds issued
pursuant to this Act, their transfer, the interest payable thereon,
and any income derived therefrom, including any profit realized in
the sale or exchange thereof, shall at all times be exempt from taxa-
tion of every kind and nature whatsoever within this State by the
State of Maryland or by any of its political subdivisions, municipal
corporations, or public agencies of any kind.

Sec. 2. And be it further enacted, That the Board of Public Works
is hereby authorized and directed EMPOWERED to have prepared
proper bonds of the State in good and sufficient form to aggregate
the amount of One Million Five Hundred Thousand Dollars ($1,500,-
000), as evidence of such loan; such bonds shall bear date as of the
time of their issue as provided in Section 1 of this Act. Each of
said bonds shall be signed and countersigned in the manner prescribed
by Section 3 of Article VI of the Maryland Constitution.

Sec. 3. And be it further enacted, That in order to provide for the
sale of said bonds, the Board of Public Works is hereby directed to
advertise once before the said bonds 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 respec-
tive advertisements for bonds 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
bonds and the date of delivery of and the payment for said bonds
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 open-
ing the bids, they shall receive such sealed proposals for the pur-
chase of as many of such bonds as may be mentioned or designated
in said advertisement; and on the opening of such sealed proposals,
as many of said bonds 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 offering the lowest net interest cost to the
State, and if two or more responsible bidders have made bids result-
ing in the same lowest net interest cost to the State, then said bonds
shall be awarded by lot to one of such responsible bidders. If no bids
are received; or if the Board of Public Works in the exercise of its
discretion determines that no bid is satisfactory and that it is in the
best interests of the State that all bids be rejected, the Board may
reject all bids and may thereafter negotiate the sale of any part or
all of said bonds at a private sale upon the best terms as to price,
rates of interest and dates of payment within the limits of Article
III, Section 34 of the Constitution of Maryland that can be obtained
for the same.

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
for the payment of the expense of engraving, printing and other out-
lays connected with the issue of the loan hereby authorized, and for
the payment of the advertising directed by this Act, and all other