2654

LAWS OF MARYLAND

[Ch. 552

DETERMINE WITH RESPECT TO THE BONDS OF ANY ISSUE: (1)
THE DATE AND MANNER OF ISSUE INCLUDING PRIVATE SALE; (2)
THE DATE AND AMOUNT OF MATURITY, PROVIDED ONLY THAT NO
BOND OF ANY ISSUE MAY MATURE LATER THAN [[40]] 30 YEARS
FROM THE DATE OF ITS ISSUE; (3) THE PRICE TO BE PAID FOP
THE BONDS, WHETHER AT ABOVE OR BELOW PAR, AND THE RATE OF
INTEREST PAYABLE ON THE BONDS AND THE DATES OF SUCH
PAYMENT; (4) THE FORM, DENOMINATION, MANNER OF
EXECUTION[[,]] (WHICH MAY BE BY FACSIMILE) [[AND]] , THE
PLACE OF PAYMENT OF THE BONDS, [[AND THE INTEREST
THEREON]], (WHICH MAY BE AT ANY BANK OR TRUST COMPANY
WITHIN OR WITHOUT THE STATE) AND THE INTEREST THEREON;
(5) WHETHER THE BONDS OR ANY PART OF THEM ARE MADE
REDEEMABLE BEFORE MATURITY AND, IF SO, THE TERMS,
CONDITIONS, AND PRICES OF THE REDEMPTION; AND (6) ANY
OTHER MATTER RELATING TO THE FORM, TERMS, CONDITIONS,
SECURITY ISSUANCE, SALE, DELIVERY, REPLACEMENT, AND
PAYMENT OF THE BONDS.

(C) IN ORDER TO PROVIDE FOR THE SALE OF THE BONDS,
THE AUTHORITY SHALL ADVERTISE ONCE, IN TWO DAILY
NEWSPAPERS PUBLISHED IN THE STATE OF MARYLAND, BEFORE THE
BONDS OR ANY PART OF THEM ARE ISSUED, AND IN ANY OTHER
MANNER AS THE AUTHORITY MAY DETERMINE. THE AUTHORITY
SHALL BE READY, AT ANY TIME WITHIN 20 DAYS AFTER THE
EXPIRATION OF THE NOTICE, TO RECEIVE BIDS AT THE PLACE
NAMED IN THE ADVERTISEMENT FOR THE BONDS ISSUED UNDER THE
PROVISIONS OF THIS SUBTITLE. THE PROCEDURES FOR
RECEIVING BIDS SHALL BE DETERMINED BY THE AUTHORITY. THE
ACCRUED INTEREST BETWEEN THE DATE OF THE BONDS AND THE
DELIVERY DATE OF, AND PAYMENT FOR, THE BONDS SHALL BE
ARRANGED WITH THE PURCHASER UNDER THE PROCEDURES
DETERMINED BY THE AUTHORITY. ON THE DAY MENTIONED IN THE
ADVERTISEMENT AS THE DATE FOR OPENING THE BIDS, THE
AUTHORITY SHALL RECEIVE THE SEALED PROPOSALS FOR THE
PURCHASE OF AS MANY OF THE BONDS AS ARE MENTIONED OR
DESIGNATED IN THE ADVERTISEMENT. ON THE OPENING OF THE
SEALED PROPOSALS, AS MANY OF THE BONDS AS HAVE BEEN BID
FOR SHALL BE AWARDED BY THE AUTHORITY TO THE RESPONSIBLE
BIDDER OFFERING, IN CASH, THE LOWEST NET INTEREST COST TO
THE AUTHORITY. IF TWO OR MORE RESPONSIBLE BIDDERS HAVE
MADE BIDS RESULTING IN THE SAME LOWEST NET INTEREST COST
TO THE AUTHORITY, THEN THE BONDS SHALL BE AWARDED BY LOT
TO ONE OF THE RESPONSIBLE BIDDERS. IF NO BID IS
RECEIVED, OR IF THE AUTHORITY DETERMINES THAT NO BID IS
SATISFACTORY, AND IT IS IN THE BEST INTERESTS OF THE
AUTHORITY THAT ALL BIDS BE REJECTED, THE AUTHORITY MAY
REJECT ALL BIDS AND MAY NEGOTIATE THE SALE OF ANY PART OR
ALL OF THE BONDS AT A PRIVATE SALE AT THE BEST TERMS AS
TO PRICE, RATES OF INTEREST, AND DATES OF PAYMENT THAT
CAN BE OBTAINED FOR THE BONDS.

[[(C)]] (D) IF ANY MEMBER OF THE AUTHORITY WHOSE
SIGNATURE OR A FACSIMILE OF WHOSE SIGNATURE APPEARS ON