HARRY HUGHES, Governor

3233

BY repealing and reenacting, with amendments,

Article - Natural Resources

Section 8-301 Article 13 Section 13.9 and 13.13

Annotated Code of Maryland

(1983 Replacement Volume and 1983 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Natural Resources

8-301.

Article 13

13.9.

Bonds shall bear interest at a SUCH rate [of not to exceed
six percent per annum,] AS THE COMMISSION DETERMINES payable

annually or semiannually] PER ANNUM TO BE DETERMINED BY THE

COMMISSION AT THE TIME OF ISSUANCE OF ITS BONDS OR OTHER
OBLIGATIONS.

13.13.

The commission may fix terms and conditions for the sale or
other disposition of any authorized issue of bonds[. The
commission] AND may sell ITS BONDS at less than their par or face
value[, but no issue of bonds may be sold at an aggregate price
below the par or face value thereof if such sale would result in
a net interest cost to the commission calculated upon the entire
issue so sold of more than six percent per annum payable
semiannually, according to standard tables of bond values]. All
bonds issued and sold for cash pursuant to this compact shall be
sold on sealed proposals to the highest bidder. Prior to such
sale, the commission shall advertise for bids by publication of a
notice of sale not less than ten days prior to the date of sale,
at least once in a newspaper of general circulation printed and
published in New York City carrying municipal bonds notices and
devoted primarily to financial news. The commission may reject
any and all bids submitted and may thereafter sell the bonds so
advertised for sale at private sale to any financially
responsible bidder under such terms and conditions as it deems
most advantageous to the public interest, but the bonds shall not
be sold at a net interest cost calculated upon the entire issue
so advertised, greater than the lowest bid which was rejected.
In the event the commission desires to issue its bonds in
exchange for an existing facility or portion thereof, or in
exchange for bonds secured by the revenues of an existing
facility, it may exchange such bonds for the existing facility or
portion thereof or for the bonds so secured, plus an additional
amount of cash, without advertising such bonds for sale.