MARVIN MANDEL, Governor 2485
Board of Public Works is hereby authorized and empowered
to have prepared proper bonds of the State in good and
sufficient form to aggregate the amount of [[Twenty
Million Dollars ($20,000,000)]] Two Million Dollars
($2,000,000), as evidence of such loan; such bonds shall
bear date as of the time of their issue as provided in
Section 1 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 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 [[of]] 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
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