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ROBERT L. EHRLICH, JR., Governor Ch. 299
2. THAT MAY INCLUDE THE GRANTING OF A MORTGAGE OR
DEED OF TRUST ON REAL PROPERTY LOCATED WITHIN THE STATE IF SATISFACTORY
TO THE UNIT:
3. A. IS PLEDGED AT 100% OF THE MOST CURRENT REAL
ESTATE TAX ASSESSMENT VALUE OF THE PROPERTY, EXCLUSIVE OF
ENCUMBRANCES; OR
B. IS PLEDGED AT 75% OF THE UNENCUMBERED MARKET
VALUE OF THE PROPERTY, AS DETERMINED BY AN APPRAISAL DATED NO EARLIER
THAN 6 MONTHS BEFORE THE DATE OF THE BOND; OR
3. FOR WHICH THE FACE AMOUNT OF THE MORTGAGE OR
DEED OF TRUST ON THE REAL PROPERTY LOCATED WITHIN THE STATE DOES NOT
EXCEED 75% OF THE CONTRACTOR'S OR INDIVIDUAL SURETY'S EQUITY INTEREST IN
THE PROPERTY: AND
4. FOR WHICH A MORTGAGE OR DEED OF TRUST ACCEPTED
UNDER THIS SUBSECTION IS RECORDED BY AN OFFICIAL DESIGNATED BY THE UNIT
WHERE THE REAL PROPERTY IS SITUATED IN ACCORDANCE WITH § 3-103 OF THE
REAL PROPERTY ARTICLE; OR
(VI) IRREVOCABLE LETTERS OF CREDIT THAT:
1. ARE ISSUED BY A FEDERALLY INSURED FINANCIAL
INSTITUTION IN THE NAME OF THE CONTRACTING AGENCY; AND
2. IDENTIFY THE AGENCY AND THE SOLICITATION OR
CONTRACT NUMBER FOR WHICH THE IRREVOCABLE LETTER OF CREDIT IS
PROVIDED; AND
3. CONTAIN A PAYOUT CLAUSE IF THAT DEFAULT CANNOT
RE REMEDIED.
(F) ANY ASSET LISTED UNDER SUBSECTION (E)(5) OF THIS SECTION SHALL BE
PLEDGED ONLY FOR THE INTENDED SECURITY AND MAY NOT BE PLEDGED FOR ANY
OTHER SECURITY OR CONTRACT IN OR OUTSIDE THE STATE UNTIL THE ASSET IS
RELEASED BY THE UNIT.
13-208.
(a) Except as provided under subsection (b) of this section, if a procurement
officer requires bid security, the procurement officer shall reject a bid or proposal that
is not accompanied by proper security.
(b) A procurement officer may accept a bid or proposal that is accompanied by
bid security in less than the amount required if:
(1) the procurement officer determines that:
(i) the deficiency in the amount is insubstantial; and
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