2270                                              LAWS OF MARYLAND [Ch. 669

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 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 to supplement the
financing of the construction of public junior or
community college buildings and facilities, and to
supplement the cost of the acquisition of such real
estate or interests in lands as may be required in
connection therewith by each of the counties in this
State, and by the Mayor and City Council of Baltimore