§ 14-27-6-39 — General obligation bonds; sale

(a) The levee superintendent shall manage
and supervise the preparation, advertisement, and sale of the bonds,
subject to the authorizing ordinance. Before the sale of the bonds, the
superintendent shall have notice of the sale published one (1) time each
week for two (2) consecutive weeks in two (2) newspapers of general
circulation published in the district. The notice must state the
following:
(1) The time and place where bids will be received.
(2) The amount and maturity dates of the issue.
(3) The maximum interest rate.
(4) The terms and conditions of sale and delivery of the bonds.
(b) The bonds shall be sold to the highest and best bidder. After the
bonds have been properly sold and executed, the superintendent shall
do the following:
(1) Deliver the bonds to the treasurer of the authority and take a
receipt for the bonds.
(2) Certify to the treasurer the amount that the purchaser is to pay
for the bonds, together with the name and address of the
purchaser.
(c) On payment of the purchase price the treasurer shall deliver the
bonds to the purchaser, and the treasurer and superintendent shall
report their actions to the board.
[Pre-1995 Recodification Citation: 13-2-31-19(b).]

Legislative History

As added by P.L.1-1995, SEC.20.