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HARRY HUGHES, Governor 2213
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 the State will be in readiness at a time within
[twenty (20)] 20 days after the expiration of said notice to
receive sealed bids at such place or places as may be named in
said respective advertisements for certificates of indebtedness
issued under the provisions of the section, 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
certificates of indebtedness and the time of sale and delivery of
and payments for said certificates of indebtedness shall be
adjusted with the purchaser thereof under such regulations as may
be made in the discretion of the Board of Public Works; and upon
the day and at the time mentioned in said advertisement as the
time for receipt of bids for the said certificates of
indebtedness, they shall receive such sealed bids for the
purchase of as many of such certificates of indebtedness as may
be mentioned or designated in said advertisements; and on the
opening of such sealed bids, as many of said certificates of
indebtedness 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, if the prices bid are adequate, in the
judgment of the Board of Public Works, and when [two] 2 or more
responsible bidders have made bids resulting in the same net
interest cost to the State and such bids are the highest then
such bonds shall be awarded by lot to one of such responsible
bidders; or if any insufficient price 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 they shall not be sold at a private
sale for less than par and accrued interest.
(e) 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 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 certificates of
indebtedness 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 this
subtitle.
(f) Until all of the interest on and principal of any
certificates of indebtedness issued under this subtitle have been
paid in full, there is hereby levied and imposed an annual State
tax on each [one hundred dollars ($100)] $100 of assessable
property at the rate to be determined in the following manner:
On or before May 1, 1968, and on or before May 1, in each taxable
year thereafter, the Board of Public Works shall certify to the
governing bodies of each of the counties and Baltimore City the
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