Section 61-3-35 - Notice of sale of bonds(1) Bonds issued under this chapter may be sold on sealed bids at public sale after publication of at least three (3) weekly notices, published in a financial publication carrying political subdivision bond notices and devoted primarily to financial news or to the subject of state and political subdivision bonds and having circulation among a large number of dealers in political subdivision bonds.(2) The public notice of sale shall describe the bonds or notes and set forth the terms and conditions of sale. It shall invite bidders to name the rate or rates of interest to be borne by the bonds or notes, which rate or rates shall be stated in conformity to the details of the issues as outlined in this chapter, all of which shall be included in the notice of sale.(3) The notice of sale may permit bidders to name one or more interest rates for the bonds or notes proposed to be sold, within such limitations as outlined in Section 61-3-41. The notice of sale shall state that all bonds or notes will be awarded to the bidder whose bid constitutes the lowest cost to the authority. The lowest cost to the authority shall be determined in accordance with the provisions of Section 61-3-41.
(4) The notice of sale, in case of a sale of more than one (1) issue of bonds payable from the same source, after describing the separate issues, shall state the combined maturities as if such combined maturities constituted a single issue. The notice of sale shall state that the bonds or notes will be awarded to the bidder whose bid constitutes the lowest cost as determined by Section 61-3-41, and, as between bidders whose bids constitute the same lowest cost to the authority, such lowest bidders may negotiate between themselves, immediately after the announcement of said bids as to the conditions upon which the bid shall be awarded. If no agreement is reached, the award shall be determined by lot fairly and publicly drawn.(5) The notice of sale shall require all bidders except governmental agencies or departments to deposit a certified or cashier's check for two percent (2%) of the amount of bonds or notes proposed to be sold, partially to secure the authority from any loss resulting from the failure of the bidder to comply with the terms of his bid. In case the bidder to whom the award is made shall fail to comply with the award, his certified or cashier's check in the amount of two percent (2%) shall be forfeited to the authority. The certified or cashier's checks of unsuccessful bidders shall be returned promptly.(6) Each notice of sale shall require the purchaser to pay interest accrued on the face amount of the bonds or notes awarded, at the rate borne thereby, from the date of the bonds or notes to the date of payment of the purchase price.(7) Each notice of sale shall reserve the right to reject any and all bids and shall state that any bid not complying with the terms of the notice shall be rejected.(8) Notwithstanding any provision to the contrary in this chapter, bonds or notes issued pursuant to this chapter may be sold at a private sale in a manner and at a price determined by the authority to be the most advantageous to the authority.(9) Bonds or notes issued pursuant to this chapter may be for not less than ninety-eight percent (98%) of par value. Any notice of sale shall state whether or not the bonds or notes will be sold for less than their par value.Codes, 1942, § 7545-40; Laws, 1958, ch. 230 § 10; Laws, 1969, Ex. Sess. ch. 35, § 1; Laws, 1991, ch. 520, § 1, eff. 4/10/1991.