3456

LAWS OF MARYLAND

[Ch. 816

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 "Memorial Stadium
Loan of 1975", to be expended as needed by the State,
upon approval of the Board of Public Works, for the
purpose of providing funds for one or more loans to be
made to the Mayor and City Council of Baltimore to be
used for design and preparation of detailed plans and
specifications for the construction, renovation,
improvement and equipping Memorial Stadium on 33rd
Street, in the City of Baltimore, including the payment
of architects' and engineers' fees; the terms and
conditions of such loan or loans to be mutually agreed
upon by the Board and the Mayor and Council, provided:

(A) That the principal of such loan or
loans, together with interest thereon, shall be repaid in
full to the State over a period not to exceed forty (40)
years from the time the loan funds are paid out; and