718                               Laws of Maryland                      [Ch. 350

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 pro-
posals for the purchase of as many of such bonds as may be men-
tioned 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 re-
sponsible 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 respon-
sible bidders; . IF NO 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 pro-
visions 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 to supplement
the financing of the construction of public junior or community col-
lege buildings and facilities, and to supplement the cost of the ac-
quisition of such real estate or interest INTERESTS in lands as may
be required in connection therewith by each of the counties in this
State, and by the Mayor and City Council of Baltimore upon the
following terms and conditions:

(a)  Whenever any one or more counties or Baltimore City desires
to participate in the financial assistance which is provided for under
the terms and conditions of this Act, the county commissioners,
county council, or the Mayor and City Council of Baltimore, thereof
shall file a petition with the State Board for Community Colleges,
with such information as the State Board for Community Colleges
shall require, together with complete plans for each project for
which financial assistance is desired.

(b)  Upon receipt of the petition, the State Board for Community
Colleges shall make a written finding of fact addressed to the Board