1262                                            LAWS OF MARYLAND                          [Ch. 289

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 1974
(A) Board of Public Works:
(1) Annapolis (Anne Arundel County) :