§ 40-57-10 — Sale of revenue bonds

Revenue bonds shall be sold at not less than ninety-five percent of par plus any accrued
interest. Such bonds may be sold at private sale, or such bonds may be sold at public sale after
notice of such sale has been published once at least five days prior to such sale in a newspaper
circulating in the municipality. State or national banks may purchase bonds from each issue of
revenue bonds issued under the provisions of this chapter in an amount not to exceed at any
time twenty-five percent of the unimpaired capital and surplus of the bank.