Ch. 120                                    1995 LAWS OF MARYLAND

(5) The date of the certificates issued at any particular time and, within the
limits prescribed by Article III, § 34 of the Constitution of Maryland, the redemption
dates of said certificates.

The resolution authorizing the issuance of said loan or any portion thereof shall set
forth in detail the dates when any of the certificates representing said loan or any portion
thereof are to be redeemed and the amount to be redeemed upon such dates,
respectively. Said loan and certificates and every part thereof and the interest payable
thereon shall be and remain exempt from State, county and municipal taxation.

(c)     The Board of Public Works is hereby authorized and directed to have
prepared proper certificates of indebtedness of the State in good and sufficient form to
aggregate the amount of six million dollars ($6,000,000), as evidence of such loan; such
certificates of indebtedness shall bear date as of the time of their issue as provided in
subsection (b) of this section. Each of said certificates shall be signed and countersigned
in the manner prescribed by § 3 of Article VI of the Maryland Constitution.

(d)     In order to provide for the selling of the certificates of indebtedness aforesaid,
to be issued under the provisions of this section, the Board of Public Works is hereby
directed to advertise once before the said certificates of indebtedness or any part thereof
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 or certificates of indebtedness issued under the provisions of
this 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 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

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