§ 32-4-527 — Sale of securities

(1) Any securities authorized in this part 5,
except for warrants not issued for cash, and except for interim receipts or
certificates or temporary bonds issued pending preparation of definitive bonds,
shall be sold at public or private sale for not less than the principal amount thereof
and accrued interest, or at the board's option, below par at a discount not
exceeding six percent of the principal amount thereof and at a price such that the
net effective interest rate of the issue of securities does not exceed the maximum
net effective interest rate authorized. For any securities the issuance of which does
not require approval at an election pursuant to this part 5, the maximum net
effective interest rate shall be established by the board prior to the time such
securities are sold and issued.

(2) No discount, except as provided in this part 5, or commission shall be
allowed or paid on or for any security sale to any purchaser or bidder, directly or
indirectly; but nothing contained in this part 5 shall be construed as prohibiting the
board from employing legal, fiscal, engineering, and other expert services in
connection with any project or facilities authorized in this part 5, and with the
authorization, issuance, and sale of securities.

Legislative History

Source: L. 62: p. 210, � 14. C.R.S. 1963: � 89-15-26. L. 70: p. 288, � 90.