§ 22-3-910 — Bonds - Sale and execution

(a) (1) The bonds shall be sold at public sale on sealed bids. (2) Notice of the sale shall be published one (1) time a week for at least two (2) consecutive weeks in a newspaper published in the City of Little Rock, and having a general circulation throughout the State of Arkansas, with the first publication to be at least twenty (20) days prior to the date of sale. (3) The bonds may be sold at such price as the Arkansas Development Finance Authority may accept, including sale at a discount, but in no event shall any bid be accepted which results in an interest cost to be computed by counting the amount of any discount as interest which is in excess of the interest cost computed at par for eight percent (8%) per annum bonds. (4) The award, if made, shall be to the bidder whose bid results in the lowest net interest cost, determined by computing the aggregate interest cost at the rate bid, deducting the amount of any premium bid, then adding the amount of any discount bid. (b) (1) The bonds shall be executed by the manual or facsimile signature of the Chair of the Arkansas Development Finance Authority and by the manual signature of the Secretary of the Arkansas Development Finance Authority. (2) The coupons attached to the bonds shall be executed by the facsimile signature of the Chair of the Arkansas Development Finance Authority. (3) In case any of the officers whose signatures appear on the bonds or coupons shall cease to be officers before the delivery of the bonds or coupons, their signatures shall, nevertheless, be valid and sufficient for all purposes. (4) The authority shall adopt and use a seal in the execution and issuance of the bonds, and each bond shall be sealed with the seal of the authority.

Legislative History

Acts 1955, No. 375, § 16; 1973, No. 632, § 2; A.S.A. 1947, § 5-615.