Marvin Mandel, Governor                        1163

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 indebted-
ness] 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 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] offering the
lowest net interest cost to the State, and if two or more responsible
bidders have made bids resulting in the same lowest 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]. 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.

(f)    The provisions of this section are permissive only, and the
decision as to the consolidation of State loans or installments thereof,
shall be made in the discretion of the Board of Public Works. Any
such decision shall be made by a majority of the Board of Public
Works.

(g)    All proceeds derived from the sale of the "State and local
facilities loan" shall be applied only in the manner and for the
purposes designated in the respective enabling acts authorizing the
issuance of the [certificates] bonds included in said loan, and the
proceeds shall be credited proportionately to the account of the
appropriate State loan. Premiums and interest received and expenses
of sale incurred shall be credited, deducted and charged, respec-
tively, to the individual loans in proportion to their respective prin-
cipal amounts as authorized by the Board to be consolidated.

(h) The provisions of this section, to the extent employed by the
Board of Public Works, are intended to and shall supersede any
inconsistent provision contained in any State enabling act, but only
with respect to the portion of the loan authorized by such enabling
act, which is included by the Board of Public Works in the "State
and local facilities loan" then being authorized. Nothing contained
in this section shall be deemed to amend any such enabling act,
except with respect to the manner of issuance and sale of the [certifi-
cates of indebtedness] bonds as set forth herein.

(i) The sources of payment for each "State and local facilities
loan" shall be as provided in each of the respective enabling acts for
each of the State loans or installments thereof comprising the