§ 21-13-711 — Price of bonds; bids

The bonds may be sold at, above or below the par value thereof
as determined by the board of trustees, but the bonds shall be
sold at a price such that the net effective interest rate for
the issue of bonds does not exceed the maximum net effective
interest rate approved by the voters in the election authorizing
the bonds. The board is authorized to reject any and all bids
and to waive any informality or irregularity in any bid.