§ 20-4-102. MANNER OF ACCEPTING BIDS AND MAKING SALE; TERMS; INTEREST RATE; EXCEPTION.

(a)

Except as hereinafter provided, upon the day mentioned in any such notice of sale or summary thereof for opening the bids for the proposals thereby called for, the county shall receive such sealed proposals for the purchase of such bonds as may be designated in the notice of sale or summary thereof. Subject to the provisions of § 20-4-107 of this title, upon the opening in public of such sealed proposals, as many of such bonds as may have been so bid for shall be awarded by the county to the highest responsible bidder or bidders therefor for cash, if the prices bid are adequate in the judgment of the county, and when two (2) or more bidders have made the same bid and such bid is the highest and for the whole amount of the bonds so offered for sale or taken together in excess of such whole amount, such bonds shall be awarded to such highest responsible bidders bidding the same price in a ratable proportion; and if any of such bonds so offered for sale are not bid for or if any insufficient price be bid for them, they may be subsequently disposed of under the direction of the county at a private sale upon the best terms that can be obtained for the same, provided that they shall not be sold at private sale for less than par and accrued interest. All payments of the purchase price of such bonds shall be made to the Director of Budget and Finance. Such bonds shall be designated "Baltimore County Metropolitan District Bonds" and shall be of such denomination or denominations and of such type, either serial bonds, sinking fund bonds, or certificates of indebtedness or other evidences of indebtedness, and of such period of maturity, not exceeding fifty (50) years, and rates of interest as the county may deem advisable, such bonds to be signed by the County Executive, which may be by facsimile, and to have the corporate seal of the county affixed thereto, which may be a facsimile of the corporate seal of the county.

(b)

As an alternative to compliance with the provisions of subsection (a) of this section, it is confirmed that the sale procedure and terms and the bond form, terms and manner of execution of the bonds, or the procedure for determining the same, as applicable, may be determined in a bond authorization ordinance described in and complying with Section 720 of the Charter.

(1988 Code, § 35-252) (Bill No. 126, § 2, 9-28-1990; Bill No. 49-96, § 21, 7-1-1996; Bill No. 30-03, § 1, 7-1-2004)