(a) Subject to the provisions of subsection (b) of this section, it is the policy of the State that the preferred method of sale of general obligation bonds of the State by the Board is by public, competitive sale.
(b) The Board may offer the sale of general obligation bonds of the State at a private, negotiated sale, but only if the Board determines that:
(1) extraordinary credit market conditions exist that warrant the use of the method authorized by this subsection instead of the method stated in subsection (a) of this section; and
(2) the terms and conditions for the sale of general obligation bonds of the State, including price, interest rates, and payment dates, achieved through a private, negotiated sale are more advantageous to the State than the terms and conditions for the sale that can be achieved by a public, competitive sale.
(c) Whenever the Board receives no bids or rejects all bids for the State bonds offered at a public, competitive sale, the Board may sell some or all of the State bonds at a private, negotiated sale, on the terms and conditions, including price, interest rates, and payment dates, that the Board determines to be the most advantageous to the State.
(d) Any determination or finding made by the Board pursuant to this section shall be conclusive.
Structure Maryland Statutes
Subtitle 1 - General Obligation Debt
Part III - Authorization and Implementation
Section 8-118 - General Powers and Duties of Board
Section 8-119 - Resolution of Board -- General Scope
Section 8-120 - Resolution of Board -- Specific Provisions
Section 8-121 - Resolution of Board -- Form of State Bonds
Section 8-122 - Resolution of Board -- Consolidated State and Local Facilities Loans
Section 8-122.1 - Use of Funds on Sale of Bonds
Section 8-123 - Public Sale of State Bonds
Section 8-123.1 - Sale of Capital Appreciation Bonds
Section 8-123.2 - Sale of Small Denomination Bonds
Section 8-123.3 - College Savings Bonds
Section 8-123.4 - Variable Interest Rate Bonds
Section 8-124 - General Obligation Bonds
Section 8-125 - State and Local Facilities Loan Fund
Section 8-126 - Reduction of Authorization
Section 8-127 - Restrictions on Use
Section 8-128 - Termination of Authorization
Section 8-129 - Unspent Proceeds
Section 8-130 - Adoption of Regulations