Marvin Mandel, Governor                         525

The resolution authorizing the issuance of said loan or any portion
thereof shall set forth in detail the dates when any of the bonds
representing said loan or any portion thereof are to be redeemed
PAID and the amount to be redeemed PAID upon such dates, re-
spectively. Said loan and bonds and every part thereof and the inter-

est payable thereon shall be and remain exempt from State, county

and municipal taxation. THE BONDS ISSUED PURSUANT TO
THIS ACT, THEIR TRANSFER, THE INTEREST PAYABLE
THEREON, AND ANY INCOME DERIVED THEREFROM, IN-
CLUDING ANY PROFIT REALIZED IN THE SALE OR EX-
CHANGE THEREOF, SHALL AT ALL TIMES BE EXEMPT
FROM TAXATION OF EVERY KIND AND NATURE WHAT-
SOEVER WITHIN THIS STATE BY THE STATE OF MARY-
LAND OR BY ANY OF ITS POLITICAL SUBDIVISIONS, MU-
NICIPAL CORPORATIONS, OR PUBLIC AGENCIES OF ANY
KIND.

Sec. 2. And be it further enacted, That the Board of Public Works
is hereby authorized and directed EMPOWERED to have prepared
proper bonds of the State in good and sufficient form to aggregate the
amount of twenty two million dollars ($22,000,000) THIRTY-SIX
MILLION DOLLARS ($36,000,000), 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 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 provisions
of this Act, under such regulations as may be made 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 regulations as may
be made PROCEDURES AS MAY BE DETERMINED in the dis-
cretion 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 advertise-
ment; 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 responsible 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 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