§ 1765 — Advertisement

(a)(1) Except as provided in section 4650 of this title, bonds issued under this subchapter shall be sold at par, premium, or discount, and accrued interest, after being advertised at least once not less than five nor more than 30 days before the date of sale in a newspaper published in the county or within 50 miles of the municipal corporation issuing the bonds and, in case of issues exceeding $1,000,000.00, also in some financial paper published in Boston, Massachusetts, or New York, New York.
(2) The advertisement shall state the amounts, date, and denominations of the bonds, dates of maturity, rate of interest, or that the bidding shall be based thereon, and the time and place where the bonds are to be sold.
(b)(1) The legislative branch may reject any and all bids.
(2) In case all bids are so rejected, they may advertise and call for new bids in the manner hereinbefore provided, or in case, after the bonds have been advertised for sale as provided in this subchapter, no bids have been received, or all bids have been rejected and the whole or any part of the bonds remain unsold, those unsold may, within 60 days from the date of the public sale, be sold by the legislative branch at private sale at not less than par and accrued interest.
(c) If no bids are received at the public sale, the legislative branch may at any time advertise and call for new bids or may sell the unsold bonds at private sale in the manner hereinbefore provided and may award the bonds bearing a rate of interest not in excess of the maximum rate provided in section 1759 of this title, notwithstanding any limit imposed by the voters at the meeting at which the bonds were authorized.

Legislative History

(Amended 1969, No. 58, § 5, eff. April 14, 1969; 1989, No. 111, § 2, eff. June 22, 1989.)