HARRY HUGHES, Governor

3773

The Board of Public Works, in addition to providing for
the above matters, shall advertise once before the bonds
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 the
various State enabling acts authorizing the respective
"State and local facilities loan," under such regulations as
may be made 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 payment for said bonds shall be
adjusted with the purchaser thereof under such regulations
as may be made in the discretion of the Board of Public

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 highest 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 such bonds shall be awarded by lot to one of
such responsible bidders. If no bids are 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, § 34 of the
Constitution of Maryland that can be obtained for the same.]

21.

(b) The Board has complete authority and discretion by
resolution to fix and determine with respect to the bonds of
any issue:

(6) (b) Upon receipt of bids at the time and
place designated in the advertisement for the opening
thereof the Board shall award the sale of the bonds to the
responsible bidder or bidders therefor for cash EITHER
offering the lowest net interest cost to the State OR
MEETING WHATEVER OTHER TERMS OR CONDITIONS OF SALE OR
ISSUANCE THE BOARD HAS SET. [If two or more responsible
bidders have submitted bids resulting in the same lowest net
interest cost to the State, the bonds may be awarded by lot
to one of those bidders.] If the Board determines that no
satisfactory bid has been received and it is in the best