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Session Laws, 1987
Volume 769, Page 1595   View pdf image
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WILLIAM DONALD SCHAEFER, Governor                   Ch. 311

in the discretion of the Board of Public Works; and the accrued
interest between the date of the bonds or certificates of
indebtedness and the date of delivery of and payment for said
bonds or 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
mentioned in said advertisement as the date for opening the bids
for the proposals thereby called for, they shall receive such
sealed proposals for the purchase of as many of such bonds or
certificates of indebtedness as may be mentioned or designated in
said advertisement; and on the opening of such sealed proposals
as many of said bonds or 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 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 private sale for less than par and accrued
interest.

(e)  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 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.

(f)  The actual cash proceeds of the sale of certificates of
indebtedness to be issued under this section 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 certificates, first, shall return to and credit
the treasury for a sum equivalent to the amount expended, as
provided in subsection (e) of this section.

(2)  The remainder of the proceeds of such loan shall
be credited on the books of the State Comptroller to be expended
exclusively for the purpose of financing the costs of
acquisition, improvements, or rehabilitation of land for
industrial sites, and parks, and for planning and engineering
studies in connection therewith, all in accordance with and as
provided in this subtitle.

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Session Laws, 1987
Volume 769, Page 1595   View pdf image
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