MARVIN MANDEL, Governor

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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 made part of the "Home Financing Loan
of 1975", to be used as needed by the State, upon
approval of the Board of Public Works, to provide a fund
to make loans to certain citizens of Maryland to purchase
homes pursuant to the provisions of Sections 266FF—1
through 266FF-4 of Article 41 of the Annotated Code of
Maryland, as amended from time to time.

SECTION 6. AND BE IT FURTHER ENACTED, That, except
for the amounts required for administrative costs, all
payments of principal and interest on loans made from the
proceeds of the bonds authorized to be issued by this Act
and made pursuant to the provisions of said Section
266FF-1 through 266FF-4 of Article 41, as amended from