Marvin Mandel, Governor                       1791

the amount to be paid upon such dates, respectively. The bonds
issued pursuant to this Act, their transfer, the interest payable
thereon, and any income derived therefrom, including any profit
realized in the sale or exchange thereof, shall at all times be exempt
from taxation of every kind and nature whatsoever within this
State by the State of Maryland or by any of its political subdivisions,
municipal corporations, or public agencies of any kind.

SEC. 2. And be it further enacted, That the Board of Public Works
is hereby authorized directed EMPOWERED to have prepared
proper bonds of the State in good and sufficient form to aggregate
the amount of One Hundred Fifty-Two Thousand Nine Hundred and
One Dollars and Thirty-two Cents ($152,901.32) ONE HUNDRED
FIFTY-FIVE THOUSAND DOLLARS ($155,000), 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 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 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 provi-
sions of this Act, under such regulations PROCEDURES as may be
made 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 ad-
justed with the purchaser thereof under such regulations PRO-
CEDURES as may be made DETERMINED in the discretion of the
Board of Public Works; and upon the day mentioned in said adver-
tisement 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 low-
est 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