Marvin Mandel, Governor                          1651

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. SALE OF SAID BONDS, THE
BOARD OF PUBLIC WORKS IS HEREBY DIRECTED TO AD-
VERTISE ONCE BEFORE THE SAID BONDS OR ANY PART
THEREOF SHALL BE ISSUED IN TWO NEWSPAPERS PUB-
LISHED IN THE CITY OF BALTIMORE AND IN SUCH OTHER
MANNER AS THE BOARD OF PUBLIC WORKS IN ITS DIS-
CRETION 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 PROCEDURES AS MAY BE DETERMINED 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 PROCEDURES
AS MAY BE DETERMINED IN THE DISCRETION OF THE
BOARD OF PUBLIC WORKS; AND UPON THE DAY MEN-
TIONED 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 INTER-
EST COST TO THE STATE, 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.

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 war-
rant of the Comptroller out of the Proceeds PROCEEDS of the sale
of said bonds or Certificates of Indebtedness for the payment of the
expense of engraving, printing and other outlays connected with the
issue of the loan hereby authorized, and the payment of the ad-
vertising 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 Certificates of Indebtedness BONDS to be issued