1308                             Laws of Maryland                      [Ch. 625

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 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 opening the bids, they shall receive such sealed proposals
for the purchase 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 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
warrant of the Comptroller out of the proceeds of the sale of said
bonds 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 provi-
sions in connection with said loan.

Sec. 5. And be it further enacted, That the actual cash proceeds
of the sale of the bonds 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 and payment of
said bonds, first, shall return to and credit the Treasury for a sum
equivalent to the amount expended under Section 4 of this Act.

2.   The remainder of the proceeds of such loan shall be credited on
the books of the State Comptroller, to be expended as needed by the
State, upon approval by the Board of Public Works in accordance
with the provisions of Section 130A of Article 77 of the Annotated
Code of Maryland (1957 Edition, 1969 Replacement Volume, as
from time to time amended or replaced), to be expended for the
purpose of financing the construction of public school buildings and
public school capital improvements in this State.

Sec. 6. And be it further enacted, That until all of the interest
on and principal of any bonds issued under this Act have been paid