1042                                            LAWS OF MARYLAND                                     Ch. 11

(2) IS CONDITIONED ON THE ACCEPTANCE OF 1 OR MORE
COMPANION BIDS FOR BONDS AUTHORIZED UNDER 1 OR MORE OF THE OTHER
ENABLING ACTS.

(C) AWARD.

WHENEVER, AS A WHOLE, A SET OF BIDS UNDER SUBSECTION (B) OF
THIS SECTION YIELDS TO THE STATE UNIT MORE THAN INDIVIDUAL BIDS,
THE STATE UNIT SHALL ACCEPT THE SET EVEN IF 1 OR MORE OF THE BIDS
IN THE SET YIELDS LESS THAN THE INDIVIDUAL BIDS.

REVISOR'S NOTE: This section is new language derived
without substantive change from former Art. 31, § 2.

In subsections (b) and (c) of this section, the
defined term "State unit" is substituted for the
former references to an "issuing authority", since, in
light of the reference to "State loans", former Art.
31, § 2 seemed to apply only to State units.
Therefore, former Art. 31, § 2 is revised, in its
entirety, in this section, and no part of it is
retained in present Art. 31 with those provisions that
will be revised in a local government article.

Also in subsections (b) and (c) of this section, the
former references to the "Board of Public Works" are
deleted as obsolete. Since simultaneous issues of
State bonds proved to be cumbersome, former Art. 31, §
2B was enacted to provide for consolidated issues and,
therefore, the Board no longer has simultaneous issues
of State bonds. See § 8-122 of this title.

Defined terms: "Bond" § 8-201

"Enabling act" § 8-201 "State unit" § 8-201

8-208. MATURITY.

(A) SCOPE OF SECTION.

(1) THIS SECTION DOES NOT APPLY TO A BOND THAT:

(I)  MATURES WITHIN 1 YEAR AFTER THE DATE OF
ISSUE AND IS ISSUED:

1.   IN ANTICIPATION OF TAX RECEIPTS;

2.  TO MEET CURRENT EXPENSES; OR

3.  TO MEET AN EMERGENCY;

(II)  IS SOLD TO THE UNITED STATES OR A UNIT OR
INSTRUMENTALITY OF THE UNITED STATES;

(III)  IS ISSUED UNDER A PLAN OF COMPOSITION
APPROVED IN A PROCEEDING UNDER CHAPTER IX OF THE UNITED STATES
BANKRUPTCY ACT; OR