Ch. 311

LAWS OF MARYLAND

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 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 $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 rate of State tax on
each $100 of assessable property necessary to produce revenues to
meet all interest and principal which will be payable to the
close of the next ensuing taxable year on all certificates
theretofore issued or theretofore authorized by resolution of the

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