Marvin Mandel, Governor                        1429

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 resulting in the same lowest net interest cost to the
State, then said bonds shall be awarded by lot to one of such re-
sponsible bidders. If no bids are BID IS 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 pay-
ment 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
provisions 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 pur-
poses, to wit:

1.  The Comptroller, immediately upon the sale OF and payment of
FOR 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 for the purpose
of funding the Maryland Housing Fund (Acts of 1971, Chapter

............, Senate Bill No.............658) when it is not sufficient to meet

its needs.

Sec. 6. And be it further enacted, That until all of the interest
on and principal of any bonds issued under this Act SHALL have
been paid in full, there is hereby levied and imposed an annual State
tax on each $100 of assessable property at the rate to be determined
in the following manner: on or before May 1, 1972, and on or before
May 1 in each taxable year thereafter, the Board of Public Works
shall certify to the governing bodies of each of the counties and Bal-
timore City the rate of State tax on each $100 of assessable property
necessary to produce revenue to meet interest and principal which
will be payable to the close of the next ensuing taxable year on all
bonds theretofore issued, or theretofore authorized by resolution of
the Board of Public Works to be issued, and the governing bodies of
each of the counties and of Baltimore City shall forthwith levy and
collect such tax at such rate.

All matters committed by this Act to the discretion of the Board
of Public Works shall be determined by a majority of said Board.

Sec. 7. And be it further enacted, That this Act shall take effect
June 1, 1971.

Approved May 24, 1971.