§ 23-71-525 — Public disclosure of terms of sale

(1) When bonds are sold, the
board of trustees of the district selling the same shall cause to be prepared and
filed with the state board for community colleges and occupational education,
within ten days after said sale, a report setting forth a description of the bond issue,
the applicable interest rate, including the net effective interest rate, any other
terms of the sale, and any applicable statistical, comparative bond market data,
ratings, and indices relative to prevailing market conditions prior to and at the time
of said sale and explaining the reasons why it was necessary, if it was, that the
bonds be sold at a negotiated sale instead of by public competitive bidding. The
state board for community colleges and occupational education may request
additional information from the district or from the purchaser of the bonds
regarding terms of the sale.

(2) One or more copies of said report shall be retained on file at the
administrative headquarters of the district.

Legislative History

Source: L. 75: Entire article added, p. 775, � 1, effective July 1. L. 86: (1) amended, p. 867, � 59, effective July 1.