2194

LAWS OF MARYLAND

[Ch. 360

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 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