MARVIN MANDEL, Governor

1625

sealed bids for the purchase of as many of such bonds or
certificates of indebtedness as may be mentioned or
designated in said advertisements; and on the opening of
such sealed bids, as many of said bonds or certificates
of indebtedness as had been so bid for shall be awarded
by the Board of Public Works, to the highest responsible
bidder or bidders therefor for cash, if the prices bid
are adequate, in the judgment of the Board of Public
Works, and when two or more bidders have made the same
bid, and such bid is the highest and the certificates so
bid for by the highest responsible bidders are in excess
of the whole amount of the certificates offered for sale,
such bonds or certificates of indebtedness shall be
awarded to such responsible bidders bidding the same
price in a ratable proportion; or if any insufficient
price [[he]] be bid for them, they may be subsequently
disposed of under the direction of the Board of Public
Works at a private sale upon the best terms they can
obtain for the same; provided that they shall not be sold
at a private sale for less than par and accrued interest,

(e)    Disposition of proceeds of sale. —The sum of
twenty—five thousand dollars ($25,000.00) or 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 the said
bonds or certificates of indebtedness 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
section, and all other incidental expenses connected with
the execution of its provisions in connection with said
loan.

The balance of the proceeds of bonds issued under
the provisions of this section shall be paid to the State
Treasurer and shall be paid out by the State Treasurer
upon the order of the Authority, and upon warrants of the
State Comptroller, solely for the purposes set forth in
subsection (a) of this section.

(f)    Levy of corporate income tax. —For the
payment of the principal of and the interest on the bonds
or certificates of indebtedness issued under the
provisions of this section as the same become due and
payable, there shall be and is hereby laid an annual tax
which shall consist of such amounts as may be necessary
of the proceeds of the tax of the net income of certain
corporations, imposed pursuant to the provision of § 288
(f) of Article 81 of the Annotated Code of Maryland (1957
Edition, as amended) subject to the prior use and
application thereof for the purpose of complying with the
provisions of [§ 8 of this article] §1 OF THIS SUBHEADING
RELATING TO THE MARYLAND PORT AUTHORITY LOAN OF 1958.

(h) Levy of property tax. —In addition, there
shall be and is hereby levied and imposed an annual State
tax on each one hundred dollars of assessable property at
a rate to be determined in the following manner; on or
before December 1, 1961, and on or before May 1 in each
year thereafter, the Board of Public Works shall certify
to the governing bodies of each of the counties and of