HARRY HUGHES, Governor                                     1039

(C)  NOTICE OF PUBLIC SALE.

(1)  A STATE UNIT SHALL GIVE NOTICE OF A PUBLIC SALE
OF BONDS AT LEAST TWICE IN AT LEAST 1 NEWSPAPER WITH A GENERAL
CIRCULATION IN THE STATE. THE 1ST PUBLICATION SHALL APPEAR AT
LEAST 10 DAYS BEFORE THE DATE OF SALE.

(2)  THE NOTICE SHALL:

(I)  BE IN THE FORM REQUIRED IN THE RESOLUTION
THAT AUTHORIZES THE ISSUANCE OF THE BONDS;

(II)  STATE THE DATE, TIME, ' AND PLACE OF THE
PUBLIC SALE;

(III)  DESCRIBE THE BONDS BY REFERENCE TO THE
ENABLING ACT UNDER WHICH THEY ARE AUTHORIZED;

(IV)  STATE THE DATE OF ISSUE;

(V)  STATE THE TOTAL PRINCIPAL AMOUNT;

(VI)  STATE THE SCHEDULE OF MATURITIES;

(VII)  STATE THE INTEREST PAYABLE OR THE MANNER
OF DETERMINING THE INTEREST;

(VIII)  STATE THE PURPOSE FOR WHICH THE PROCEEDS
WILL BE USED;

(IX)  DESCRIBE THE GENERAL FORM OF THE BONDS,
INCLUDING:

1.  WHETHER THE BONDS WILL BE IN COUPON OR
REGISTERED FORM; AND

2.  WHETHER THE PRINCIPAL OR INTEREST OR
BOTH WILL BE REGISTRABLE;

(X)  STATE THAT EACH BID MUST BE MADE IN WRITING
BY SEALED PROPOSAL; AND

(XI)  STATE THE AMOUNT OF THE GOOD FAITH DEPOSIT
THAT THE STATE UNIT HAS DETERMINED MUST ACCOMPANY THE BID.

(3)  THE NOTICE MAY RESERVE TO THE STATE UNIT THE
RIGHT TO REJECT ANY OR ALL BIDS.

(D)  AWARD.

EXCEPT AS PROVIDED IN SUBSECTION (E) OF THIS SECTION AND §
8-207 OF THIS SUBTITLE, THE STATE UNIT SHALL SELL THE BONDS TO
THE HIGHEST BIDDER OR BIDDERS AT THE PUBLIC SALE.