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27-64-408. Sale of Bonds.
Arkansas Code — all titles (historical 2020) · legal_authorities
27-64-408. Sale of Bonds.
(a) The bonds may be sold in such manner, either at private or public sale, and upon such terms as the State Highway Commission shall determine to be reasonable and expedient for effecting the purposes of this act. The bonds may be sold at a price acceptable to the commission, which price may include a discount or a premium.
(b) If the bonds are to be sold at public sale, the commission shall give notice of the offering of such bonds in a manner reasonably designed to notify participants in the public finance industry that such offering is being made. The commission shall set the terms and conditions of bidding, including the basis on which the winning bid will be selected.
(c) The commission is authorized to structure the sale of bonds utilizing such financing techniques as are recommended by its professional advisors in order to take advantage of market conditions and obtain the most favorable interest rates consistent with the purposes of this subchapter. In furtherance of this authorization, the commission may enter into such ancillary agreements in connection with the sale of the bonds as it deems necessary and advisable, including without limitation, bond purchase agreements, remarketing agreements, and letter of credit and reimbursement agreements.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 27-64-408
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:27-64-408
Source file: gov.ar.code.title.27.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 08c02df179ae66f86bb7d19e1570875bfb3d3a8866b173185e23dc4e52297962
Source location: content.xml paragraph 21055
Stored source content
27-64-408. Sale of Bonds.
(a) The bonds may be sold in such manner, either at private or public sale, and upon such terms as the State Highway Commission shall determine to be reasonable and expedient for effecting the purposes of this act. The bonds may be sold at a price acceptable to the commission, which price may include a discount or a premium.
(b) If the bonds are to be sold at public sale, the commission shall give notice of the offering of such bonds in a manner reasonably designed to notify participants in the public finance industry that such offering is being made. The commission shall set the terms and conditions of bidding, including the basis on which the winning bid will be selected.
(c) The commission is authorized to structure the sale of bonds utilizing such financing techniques as are recommended by its professional advisors in order to take advantage of market conditions and obtain the most favorable interest rates consistent with the purposes of this subchapter. In furtherance of this authorization, the commission may enter into such ancillary agreements in connection with the sale of the bonds as it deems necessary and advisable, including without limitation, bond purchase agreements, remarketing agreements, and letter of credit and reimbursement agreements.
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