S.B. 810                                                  VETOES

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.

(g)     Until all of the interest on and principal of any certificates issued under this
section 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, 1973, 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 revenue to meet interest and principal which will be payable to the close of the
next ensuing taxable year on all certificates theretofore issued or authorized by resolution
of the Board of Public Works to be issued and the governing bodies of each of the
counties and Baltimore City shall forthwith levy and collect such tax at such rate.

All matters committed by this section to the discretion of the Board of Public Works
shall be determined by a majority of said Board.

[5-414.] 5-715.

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