Arkansas Statutes
§ 13-5-311 — Sale of bonds
Arkansas·Title 13
(a)The bonds shall be sold at public sale on sealed bids after such advertisement as the Secretary of the Department of Parks, Heritage, and Tourism shall determine to be necessary for the obtaining of favorable competitive bidding.
(b)In no event shall any bid be accepted which results in a net interest cost, which is determined by computing the aggregate interest cost from date to maturity at the rates bid and deducting any premium or adding the amount of any discount, in excess of the interest cost computed at par for bonds bearing interest at the rate of eight percent (8%) per annum.
(c)The bonds shall not be subject to conversion.
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Legislative History
Amended by Act 2019, No. 910,§ 5568, eff. 7/1/2019. Acts 1971, No. 515, § 5; 1975 (Extended Sess., 1976), No. 1018, § 2; A.S.A. 1947, § 6-1206.
Nearby Sections
15
§ 13-10-101
Creation - Duties§ 13-11-101
Creation§ 13-11-102
Administration - Rules§ 13-12-101
Creation§ 13-12-102
Selection§ 13-12-103
Rules§ 13-13-102
Members§ 13-13-103
Duties§ 13-13-104
Funding§ 13-14-101
Short title§ 13-14-102
Legislative intent§ 13-14-103
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