2134

LAWS OF MARYLAND

[Ch. 339

(5)     THE MANNER OF SELLING THE BONDS AT
PUBLIC SALE, BUT THE BOARD SHALL CAUSE AN ADVERTISEMENT
OF SALE TO BE PLACED IN TWO NEWSPAPERS PUBLISHED IN THE
CITY OF BALTIMORE WITHIN NOT LESS THAN 10 DAYS OF THE
DATE OF SALE; AND

(6)    (A) THE TERMS AND CONDITIONS OF SALE AND
THE INTEREST TO BE PAID ON THE BONDS, OR THE MANNER OF
DETERMINING THE SAME. ANY OTHER MATTER RELATING TO THE
FORM, TERMS, CONDITIONS, SECURITY, ISSUANCE, SALE,
DELIVERY, REPLACEMENT, AND PAYMENT OF THE BONDS.

(B) UPON RECEIPT OF BIDS AT THE TIME
AND PLACE DESIGNATED IN THE ADVERTISEMENT FOR THE OPENING
THEREOF THE BOARD SHALL AWARD THE SALE OF THE BONDS TO
THE [[HIGHEST]] RESPONSIBLE BIDDER OR BIDDERS THEREFOR
FOR CASH OFFERING THE LOWEST NET INTEREST COST TO THE
STATE. IF TWO OR MORE RESPONSIBLE BIDDERS HAVE SUBMITTED
BIDS RESULTING IN THE SAME LOWEST NET INTEREST COST TO
THE STATE, THE BONDS [[SHALL]] MAY BE AWARDED BY LOT TO
ONE OF THOSE BIDDERS. IF THE BOARD DETERMINES THAT NO
SATISFACTORY BID HAS BEEN RECEIVED AND IT IS IN THE BEST
INTERESTS OF THE STATE THAT ALL BIDS BE REJECTED, THE
BOARD MAY REJECT ALL BIDS AND THEREAFTER NEGOTIATE THE
SALE OF ANY PART OR ALL OF THE BONDS AT A PRIVATE SALE,
UPON THE BEST TERMS THAT CAN BE OBTAINED AS TO PRICE,
BATES OF INTEREST, AND DATES OF PAYMENT.

22.

THE BONDS, THEIR TRANSFER, THE INTEREST PAYABLE
THEREON, AND ANY INCOME DERIVED THEREFROM, INCLUDING ANY
PROFIT REALIZED IN THE SALE OR EXCHANGE THEREOF, SHALL BE
EXEMPT AT ALL TIMES FROM TAXATION OF EVERY KIND AND
NATURE WHATSOEVER WITHIN THIS STATE BY THE STATE OF
MARYLAND OR BY ANY OF ITS POLITICAL SUBDIVISIONS,
MUNICIPAL CORPORATIONS, OR PUBLIC AGENCIES OF ANY KIND.

[[23.

THE AUTHORITY GRANTED UNDER THIS SUBTITLE SHALL NOT
BE EXERCISED, NOR SHALL ANY OF THE PROCEEDS OF THE SALE
OF BONDS BE USED OR APPLIED, IN ANY MANNER WHICH WOULD
CAUSE ANY BONDS, REFUNDING BONDS, OR TEMPORARY BONDS
ISSUED HEREUNDER TO BE DEEMED "INDUSTRIAL DEVELOPMENT
BONDS" OR "ARBITRAGE BONDS" WITHIN THE MEANING OF SECTION
103 OF THE INTERNAL REVENUE CODE OF 1954 OR THE
REGULATIONS PRESCRIBED THEREUNDER.]]

[[24]] 23.

ON OR BEFORE MAY 1 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