§ 9-21-1005 — Sale of revenue refunding bonds at below par value

All revenue refunding bonds issued by any local government under the authority of this part and part 1 of this chapter shall be sold for not less than ninety-seven percent (97%) of par value and accrued interest as the governing body of the local government may direct. Nothing in this chapter shall be construed to prevent the sale of particular bonds constituting a part of a single issue or series of bonds at a price below that herein specified, as long as the total price paid by the purchaser for the entire issue or series of bonds offered for sale on any given date shall be not less than ninety-seven percent (97%) of the par value of the entire issue or series of bonds and accrued interest; provided, that if any part of such issue or series of such revenue refunding bonds are to be sold at a zero (0) rate of interest or at an original issue discount, such bonds may be sold at not less than ninety-seven percent (97%) of the original reoffering price of such discount bonds and accrued interest.

Legislative History

Acts 1986, ch. 770, § 10-5.