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Session Laws, 2006
Volume 750, Page 3082   View pdf image
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S.B. 391                                                  VETOES
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
BE 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 (ii) acceptance of the bid or proposal would be in the best interests
of the State; and (2)     the procurement officer further determines that: (i) the bid or proposal was the only one submitted and there is no
time for rebidding; (ii) the bid security became inadequate as a result of the correction
of a mistake in the bid or proposal or as a result of a modification in the bid or
proposal in accordance with applicable regulations, and the bidder or offeror
increased the amount of bid security to required limits within 48 hours after the
correction or modification; or (iii) after consideration of the risks involved and the difference
between the lowest bid and the next lowest bid, it would be fiscally advantageous to
the State to accept the lowest bid or proposal. - 3082 -


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Session Laws, 2006
Volume 750, Page 3082   View pdf image
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