Marvin Mandel, Governor                         833

2B.

(e) In the adoption of the resolution authorizing the sale of each
"State and local facilities loan," the Board of Public Works shall
also determine and set forth the following matters :

(1)    The form of the bond representing the "State and local facil-
ities loan" so authorized to be issued, including any interest coupons
to be attached thereto, and provisions for the issuance of bonds in
coupon form and for the registration of coupon bonds as to principal
only.

(2)    The denomination or denominations of the bonds to be issued,
which may not be less than one hundred dollars ($100.00) but may be
in sums of [on] one hundred dollars ($100.00) or any suitable mul-
tiple thereof, and the place or places of payment of principal and in-
terest thereon.

(3)    The rate or rates of interest of the bonds to be issued, payable
semiannually.

(4)    The date of the bonds to be issued.

(5)    The dates when any of the bonds representing said loan are
to be paid and the amount to be paid upon such dates, respectively.

The Board of Public Works, in addition to providing for the above
matters, shall advertise once before the bonds 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 advertise-
ments for bonds issued under the provisions of the various State
enabling acts authorizing the respective "State and local facilities
loan," under such regulations as may be made 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 payment for said bonds shall
be adjusted with the purchaser thereof under such regulations as may
be made 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
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 highest 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 such bonds shall be awarded by lot to
one of such responsible bidders. If no bids are 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 there-
after 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 Constitu-
tion of Maryland that can be obtained for the same.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1972.

Approved May 5, 1972.