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<section article="gsf" article_name="State Finance and Procurement" number="8-123" title_number="8" title_name="Debt" subtitle_number="1" subtitle_name="General Obligation Debt">
  <level label="a">
    <text>Except as otherwise provided in this subtitle, the Board shall offer State bonds at a public sale.</text>
  </level>
  <level label="b">
    <level label="1">
      <text>At least 10 days before the date of a public sale, the Board shall give public notice of the sale.</text>
    </level>
    <level label="2">
      <text>The notice shall state the date, time, and place of the public sale.</text>
    </level>
    <level label="3">
      <text>The notice may be given by The Municipal Market Monitor (TM3) or a similar service or such other method as the Treasurer deems appropriate.</text>
    </level>
  </level>
  <level label="c">
    <level label="1">
      <text>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:</text>
      <level label="i">
        <text>offers the lowest net interest cost to the State; or</text>
      </level>
      <level label="ii">
        <text>meets other terms or conditions of sale or issuance that the Board has set.</text>
      </level>
    </level>
    <level label="2">
      <text>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.</text>
    </level>
  </level>
  <level label="d">
    <level label="1">
      <text>By resolution, the Board may postpone the time for receipt of proposals for the bonds without republishing the form of advertisement for the bonds.</text>
    </level>
    <level label="2">
      <level label="i">
        <text>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.</text>
      </level>
      <level label="ii">
        <text>The notice may be given by The Municipal Market Monitor (TM3) or a similar service or such other method as the Treasurer deems appropriate.</text>
      </level>
    </level>
  </level>
</section>
