1436

LAWS OF MARYLAND

[Ch. 293

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 sua 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 design and construction of public junior or community
college buildings, site development, 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
upon the following terms and conditions:

(a) whenever any one or more counties or
Baltimore City desires to participate in the financial
assistance which is provided for under the terms and
conditions of this Act, the county commissioners, county
council, or the Mayor and City Council of Baltimore,
thereof shall file a petition with the State Board for
Community Colleges, with such information as the State
Board for Community Colleges shall require, together with
a complete proposal for each project for which financial