280                                       LAWS OF MARYLAND                                Ch. 195

SECTION 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 [[Publc]] 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
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 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 of payment within the limits of Article III, Section 34 of the
Constitution of Maryland that can be obtained for the same.

SECTION 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.

SECTION 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 as needed by the State, upon approval by
the Board of Public Works, for the following needs, purposes and projects, and
amounts listed below being intended to include Architects' and Engineers' fees
where applicable:

GENERAL CONSTRUCTION LOAN OF 1973: