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13-5-311. Sale of bonds.
Arkansas Code — all titles (historical 2020) · legal_authorities
13-5-311. Sale of bonds.
(a) The bonds shall be sold at public sale on sealed bids after such advertisement as the Secretary of the Department of Parks, Heritage, and Tourism shall determine to be necessary for the obtaining of favorable competitive bidding.
(b) In no event shall any bid be accepted which results in a net interest cost, which is determined by computing the aggregate interest cost from date to maturity at the rates bid and deducting any premium or adding the amount of any discount, in excess of the interest cost computed at par for bonds bearing interest at the rate of eight percent (8%) per annum.
(c) The bonds shall not be subject to conversion.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 13-5-311
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:13-5-311
Source file: gov.ar.code.title.13.odt
Pages: Not recorded – Not recorded
Passage SHA-256: f23bd10f9749ff89d19d56a2a1226bb5854293365b6c95e941a4660e911951b0
Source location: content.xml paragraph 2046
Stored source content
13-5-311. Sale of bonds.
(a) The bonds shall be sold at public sale on sealed bids after such advertisement as the Secretary of the Department of Parks, Heritage, and Tourism shall determine to be necessary for the obtaining of favorable competitive bidding.
(b) In no event shall any bid be accepted which results in a net interest cost, which is determined by computing the aggregate interest cost from date to maturity at the rates bid and deducting any premium or adding the amount of any discount, in excess of the interest cost computed at par for bonds bearing interest at the rate of eight percent (8%) per annum.
(c) The bonds shall not be subject to conversion.
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