Md. Code, State Fin. & Proc. § 8-124

(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.