1018                                            LAWS OF MARYLAND                                     Ch. 11

THE BOARD SHALL OFFER STATE BONDS AT A PUBLIC SALE.

(B)  NOTICE.

(1)  AT LEAST 10 DAYS BEFORE THE DATE OF A PUBLIC
SALE, THE BOARD SHALL GIVE NOTICE OF THE SALE IN 2 NEWSPAPERS
PUBLISHED IN BALTIMORE CITY.

(2)  THE NOTICE SHALL STATE THE DATE, TIME, AND PLACE
OF THE PUBLIC SALE.

(C)  AWARD.

(1)  EXCEPT AS PROVIDED IN PARAGRAPH (2) OF THIS
SUBSECTION, AT A PUBLIC SALE, THE BOARD SHALL SELL STATE BONDS
FOR CASH TO THE RESPONSIBLE BIDDER WHO:

(I)  OFFERS THE LOWEST NET INTEREST COST TO THE
STATE; OR

(II)  MEETS OTHER TERMS OR CONDITIONS OF SALE OR
ISSUANCE THAT THE BOARD HAS SET.

(2)  WHENEVER THE BOARD DETERMINES THAT NO BID IS
SATISFACTORY AND THAT IT IS IN THE BEST INTERESTS OF THE STATE TO
REJECT ALL BIDS, THE BOARD MAY REJECT THE BIDS.

REVISOR'S NOTE: Subsection (a) of this section is new
language added to state expressly that State bonds
must be offered at public sale. This addition is
based on the specific requirements for notice of the
sale and the power of the Board, after rejecting all
bids, "thereafter [to] negotiate" a private sale.
This addition clarifies that the reference, in the
introductory language of former Art. 31, § 21(b), to
"complete authority and discretion" did not encompass
a decision to offer the State bonds other than at
public sale.

Subsections (b) and (c) of this section are new
language derived without substantive change from the
second clause of former Art. 31, § 21(b)(5) and the
first sentence and first through third clauses of the
second sentence of (b)(6)(b).

In subsection (b)(2) of this section, the reference to
the "date" of the public sale is added for clarity.

Defined terms: "Board" § 8-101
"State bond" § 8-101

8-124. PRIVATE SALE.

WHENEVER THE BOARD RECEIVES NO BIDS OR REJECTS ALL BIDS FOR
THE STATE BONDS OFFERED AT A PUBLIC SALE, THE BOARD MAY SELL SOME