§ 33-2-38 — Requirements for Sale of Bonds

Alabama § 33-2-38

• Jurisdiction: Alabama
• Title 33: Navigation and Watercourses
• Ch. 2: Development of Docks and Other Facilities Along Inland Waterways
• Art. 2: 1959 Provisions for Facilities Along Inland Waterways

Text

The bonds must be sold only at public sale, either on sealed bids or at public auction, to the bidder whose bid reflects the lowest net interest cost to the state for the bonds being sold, computed to their respective maturities; provided, that if no bid acceptable to the department and the Governor is received all bids may be rejected. Notice of each such sale shall be given by publication in either a financial journal or a financial newspaper published in the City of New York, New York, and also by publication in a newspaper published in the state which is customarily published not less often than six days during each calendar week, each of which notices must be published at least one time not less than 10 days prior to the date fixed for the sale. The department may fix the terms and conditions under which each such sale may be held; provided, that none of the bonds may be sold for a price less than the face value thereof; and, provided further, that such terms and conditions shall not conflict with any of the requirements of this article.

Legislative History

(Acts 1959, 2nd Ex. Sess., No. 98, p. 288, §9.)