956                              Laws of Maryland                      [Ch. 344

loan; such bonds shall bear date as of the time of their issue as
provided in Section 1 of this Act. Each of the 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 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 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 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 and OF
payment within the limits of Article III, Section 34 of the Con-
stitution 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 purposes,
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 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 to supplement