1204                               Laws of Maryland                        [Ch. 360

section, the Board of Public Works is hereby directed to advertise
once before the said Certificates of Indebtedness or any part thereof
shall be issued in two newspapers published in the City of Balti-
more 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 within twenty (20) days after the expira-
tion of said notice to receive bids at such place or places as may be
named in said respective advertisements for bonds or Certificates
of Indebtedness issued under the provisions of this section, 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 or Certificates of Indebtedness and the date of delivery of
and payment for said bonds or Certificates of Indebtedness 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 for the proposals thereby called for, they shall
receive such sealed proposals for the purchase of as many of such
bonds or Certificates of Indebtedness as may be mentioned or desig-
nated 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 two or more responsible bidders have
made bids resulting in the same 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.

(e)  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 or Certificates of Indebted-
ness for the payment of the expense of engraving, printing and
other outlays connected with the issue of the loan hereby author-
ized, and for the payment of the advertising directed by this section,
and all other incidental expenses, connected with the execution of
its provisions in connection with said loan.

(f)  The actual cash proceeds of the sale of Certificates of Indebt-
edness to be issued under this section shall be paid to the Treasurer
of the State upon the warrant of the Comptroller, and such pro-
ceeds shall be used exclusively for the following purposes, to wit:

(1)  The Comptroller immediately upon the sale of and payment
for said certificates, first, shall return to and credit the Treasury
for a sum equivalent to the amount expended, as provided in sub-
section (e) 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 exclusively
for the purpose of financing the costs of acquisition, improvements,
or rehabilitation of land for industrial sites, and parks, and for
planning and engineering studies in connection therewith, all in
accordance with and as provided in this subtitle.