Ch. 513

LAWS OF MARYLAND

Article - State Finance and Procurement
8-123.

(a)  The Board shall offer State bonds at a public sale.

(b)  (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)  (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.

(D) (1) BY RESOLUTION, THE BOARD MAY POSTPONE THE TIME FOR
RECEIPT OF PROPOSALS FOR THE BONDS WITHOUT REPUBLISHING THE FORM
OF ADVERTISEMENT FOR THE BONDS.

(2) (I) THE TREASURER SHALL PROVIDE NOTICE OF THE NEW
DATE AND TIME OF SALE NOT LESS THAN 24 HOURS PRIOR TO THE TIME
PROPOSALS ARE TO BE SUBMITTED, WHICH DATE MAY NOT BE MORE THAN 30
DAYS AFTER THE ORIGINALLY SCHEDULED DATE OF SALE.

(II) THE NOTICE MAY BE GIVEN BY MUNIFACTS NEWS
SERVICE OR A SIMILAR SERVICE OR SUCH OTHER METHOD AS THE
TREASURER DEEMS APPROPRIATE.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect June 1, 1988.

Approved May 17, 1988.

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