Ch. 504                             MARVIN MANDEL, Governor                                1127

[[Six Million Five Hundred Thousand]] [[Dollars]] [[($10,000,000)]] Three
Million Dollars ($3,000,000) as evidence of such loan, such bonds shall bear date
as of the time [[for]] of their issue as provided in Section [[1]] 2 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.

SECTION 4. 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 [[interest]] 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.

SECTION 5. 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.

SECTION 6. 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 5 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, to provide a fund to be used to acquire land for the
establishment of veterans' cemeteries in this State.