Marvin Mandel, Governor                       1675

proper bonds of the State in good and sufficient form to aggregate the
amount of Ten Million Dollars ($10,000,000.), as evidence of such
loan; such bonds shall bear date as of the time of their issue as
provided 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 SALE of said bonds, the Board of Public Works is hereby di-
rected 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 within twenty (20) days after the expiration of said notice to
receive bids at such place or places as may be named in said respec-
tive 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 mentioned in said advertisement
as the date for opening the bids, they shall receive such sealed
proposals for the purchase of as many of said 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 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 responsi-
ble 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 satis-
factory 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
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
for said bonds, first, shall return to and credit the Treasury for a sum