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15-22-613. Bonds — Sale after notice.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-22-613. Bonds — Sale after notice.
(a) Bonds at any time sold under the provisions of this subchapter shall be on the basis of public sale on sealed bids, after notice published by the Chair of the Arkansas Natural Resources Commission for at least one (1) insertion not less than twenty (20) days before the date of sale in a newspaper published in the City of Little Rock and in a financial newspaper or journal published in the Borough of Manhattan, City and State of New York.
(b) The Arkansas Natural Resources Commission shall award the sale, if any, to the bidder offering to purchase the bonds at a price which results in the lowest net interest cost to the State of Arkansas as determined by computing the total interest cost from date to maturity and deducting therefrom any premium bid and adding thereto the amount of any discount bid.
(c) The commission shall reserve the right to reject all bids.
(d) The notice shall contain any other terms and provisions as the commission determines to be desirable.
(e) If the commission determines that such action is desirable, the commission may employ fiscal agents and legal counsel and may pay them reasonable compensation out of the proceeds of the bonds.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-22-613
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:15-22-613
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: cfa1a26ab1eb3c1064b5d893b8bc6410ecbf769ced423a5fa8fcd1d4c3116b41
Source location: content.xml paragraph 15713
Stored source content
15-22-613. Bonds — Sale after notice.
(a) Bonds at any time sold under the provisions of this subchapter shall be on the basis of public sale on sealed bids, after notice published by the Chair of the Arkansas Natural Resources Commission for at least one (1) insertion not less than twenty (20) days before the date of sale in a newspaper published in the City of Little Rock and in a financial newspaper or journal published in the Borough of Manhattan, City and State of New York.
(b) The Arkansas Natural Resources Commission shall award the sale, if any, to the bidder offering to purchase the bonds at a price which results in the lowest net interest cost to the State of Arkansas as determined by computing the total interest cost from date to maturity and deducting therefrom any premium bid and adding thereto the amount of any discount bid.
(c) The commission shall reserve the right to reject all bids.
(d) The notice shall contain any other terms and provisions as the commission determines to be desirable.
(e) If the commission determines that such action is desirable, the commission may employ fiscal agents and legal counsel and may pay them reasonable compensation out of the proceeds of the bonds.
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