Marvin Mandel, Governor                         903

TWO FIVE HUNDRED FIFTY THREE THOUSAND TWO HUN-
DRED DOLLARS ($97,253,200) ($97,553,200) ONE HUNDRED
FOUR MILLION SEVEN HUNDRED THREE THOUSAND
TWO HUNDRED DOLLARS ($104,703,200) as evidence of such
loan; such bonds shall bear date as of the time of their issue as pro-
vided 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 when 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 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 resulting 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 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 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 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 purposes, to
wit: