TITLE 39. PUBLIC FINANCE

SUBTITLE II. LOCAL FINANCE

CHAPTER 4. BONDED INDEBTEDNESS AND SPECIAL TAXES

PART III. BONDED INDEBTEDNESS

SUBPART A. BOND ISSUES

39:570      Sale of bonds

All bonds issued hereunder shall be advertised for sale on sealed bids, which advertisement shall be published at least once a week for three weeks, the first publication to be made at least fifteen days preceding the date fixed for the reception of bids.  Advertisement shall be in the official journal of the governing authority at least fifteen days before the date fixed for the reception of bids.  Notice of sale shall also be published once a week for three weeks preceding the date fixed for the reception of bids, either in a financial paper published in the city of New York or the city of Chicago, or in a newspaper of general circulation published in a city of this state, having a population of not less than twenty thousand inhabitants, according to the last federal census.

The governing body may reject any and all bids.  If the bonds are not sold pursuant to the advertisement, they may be sold by the governing body by private sale, within sixty days after the date advertised for the reception of sealed bids, but no private sale shall be made at a price less than the highest bid which shall have been received.  If not so sold, the bonds shall be readvertised in the manner herein prescribed.

Amended by Acts 1968, No. 72, § 1.