316                               Laws of Maryland                        [Ch. 74

bidders therefor for cash offering the lowest net interest cost to the
State, and if two or more responsible bidders have made bids result-
ing 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 bids
BID are 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 provi-
sions 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:

1.    The Comptroller, immediately upon the sale OF and payment
of FOR said bonds, first, shall return to and credit the Treasury for a
sum equivalent to the amount expended under Section 4 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 as needed by the
State, upon approval by the Board of Public Works in accordance
with the provisions of Section 130A of Article 77 of the Annotated
Code of Maryland (1969 Replacement Volume and 1971 Cumulative
Supplement, as from time to time amended or replaced), to be ex-
pended for the purpose of financing the construction of public school
buildings and public school capital improvements in this State.

Sec. 6. And be it further enacted, That until all of the interest
on and principal of any bonds issued under this Act SHALL have been
paid in full, there is hereby levied and imposed an annual State tax on
each $100 of assessable property at the rate to be determined in the
following manner: on or before May 1, 1973, and on or before May
1 in each taxable year thereafter, the Board of Public Works shall
certify to the governing bodies of each of the counties and Baltimore
City the rate of State tax on each $100 of assessable property neces-
sary to produce revenue to meet interest and principal which will
be payable to the close of the next ensuing taxable year on all bonds
theretofore issued, or theretofore authorized by resolution of the
Board of Public Works to be issued, and the governing bodies of
each of the counties and of Baltimore City shall forthwith levy and
collect such tax at such rate.