1040

LAWS OF MARYLAND

Ch. 11

(E) SALE AFTER REJECTION OF ALL BIDS.

(1)  IF THE STATE UNIT HAS RESERVED THE RIGHT TO
REJECT BIDS AND DOES REJECT ALL BIDS, THE STATE UNIT, WITHIN 30
DAYS AFTER REJECTING ALL THE BIDS, MAY SELL THE BONDS AT A
PRIVATE SALE FOR NOT LESS THAN THE HIGHEST AMOUNT BID BY AN
ACCEPTABLE BIDDER AT THE PUBLIC SALE.

(2)  IF THE STATE UNIT HAS RESERVED THE RIGHT TO
REJECT ALL BIDS AND DOES REJECT ALL BIDS AND FAILS TO SELL THE
BONDS AT A PRIVATE SALE WITHIN THE 30-DAY PERIOD UNDER PARAGRAPH
(1) OF THIS SUBSECTION, THE STATE UNIT MAY SELL THE BONDS ONLY AT
ANOTHER PUBLIC SALE AFTER NOTICE AS REQUIRED IN SUBSECTION (C) OF
THIS SECTION.

REVISOR'S NOTE: This section is new language that repeats
the provisions of present Art. 31, § 9(b), § 10, the
first clause of § 12(e) and the fourth sentence of
(i).

In subsections (a)(1) and (c)(2)(v) of this section,
the word "principal" is substituted for the present
word "par", for clarity and conformity to the language
used throughout this subtitle.

In subsection (a)(2)(i) and (iv)2. of this section,
respectively, the present references to "notes or
other securities" and "notes" are omitted as
unnecessary in light of the definition of the word
"bond".

In subsection (a)(3) of this   section, the present word
"allocation" and the present   reference to "financial-
assistance, allocated" are   omitted as unnecessary in
light of the word "grant".

In subsection (a)(3)(ii) of this section, the present
word "contract" is omitted as unnecessary in light of
the broad reference to an "agreement or other
writing".

In subsection (b) of this section, the present phrase
"pursuant to general or special authority heretofore
or hereafter granted" is omitted as unnecessary in
light of the definition of the word "bond".

In subsection (c)(1) of this section, the phrase "in
the State" is substituted for the present phrase "in
the area in which said public body is located", to
reflect that this subtitle applies only to State
units.

Also in subsection (c)(1) of this section, the present
words "daily or weekly", which currently modify the
word "newspaper", are omitted as unnecessary in light