§ 32-9-140 — Sale of securities

(1) Any securities authorized in this article,
except for warrants not issued for cash, and except for 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 seven percent of the principal
amount thereof, but such securities shall never be sold at a price such that the net
effective interest rate exceeds the maximum net effective interest rate authorized.

(2) No discount, except as provided in subsection (1) of this section, or
commission shall be allowed or paid on or for any security sale to any purchaser or
bidder, directly or indirectly.

Legislative History

Source: L. 69: p. 724, � 1. C.R.S. 1963: � 89-20-41. L. 70: p. 294, � 106.