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27-88-108. Sale.
Arkansas Code — all titles (historical 2020) · legal_authorities
27-88-108. Sale.
(a) The State Highway Commission is authorized to sell all the bonds of each issue issuable under this chapter at one (1) time, or it may from time to time sell installments of the bonds of each issue in principal amounts to be determined by the commission. The bonds of each issue may be delivered all at one (1) time or from time to time.
(b) All bond sales shall be public on sealed bids, after notice published by the commission's secretary for one (1) insertion not more than thirty (30) days nor less than fifteen (15) days before the date of the sale, in the news media specified in § 27-88-106. This requirement shall not apply to a sale of bonds made to an agent or instrumentality of the United States Government, including corporations, the capital stock of which is subscribed by the United States Government.
(c) Bonds may be sold at less than par, and the bonds of each issue, as sold, may be converted into an issue of bonds bearing a lower rate or rates of interest, but only on the condition that the commission receive no less and pay no more than it would have received and paid if the bonds had not been converted and on the condition that the conversion is approved by the commission.
(d) In no event, however, shall the commission be required to pay more than six percent (6%) interest on the amount received for bonds sold under the provisions of this chapter, computed with relation to the absolute maturity of the bonds in accordance with standard tables of bond values.
(e) The commission shall have the right to refuse any and all bids.
(f) The commission may employ one (1) or more fiscal agents for the sale of the bonds and pay a reasonable fee for the services of the agent or agents.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 27-88-108
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:27-88-108
Source file: gov.ar.code.title.27.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 0d6238c6fce02f7fbe58a46d772b11419e7e6dcad3d13e812df2726f5ecc4a20
Source location: content.xml paragraph 27276
Stored source content
27-88-108. Sale.
(a) The State Highway Commission is authorized to sell all the bonds of each issue issuable under this chapter at one (1) time, or it may from time to time sell installments of the bonds of each issue in principal amounts to be determined by the commission. The bonds of each issue may be delivered all at one (1) time or from time to time.
(b) All bond sales shall be public on sealed bids, after notice published by the commission's secretary for one (1) insertion not more than thirty (30) days nor less than fifteen (15) days before the date of the sale, in the news media specified in § 27-88-106. This requirement shall not apply to a sale of bonds made to an agent or instrumentality of the United States Government, including corporations, the capital stock of which is subscribed by the United States Government.
(c) Bonds may be sold at less than par, and the bonds of each issue, as sold, may be converted into an issue of bonds bearing a lower rate or rates of interest, but only on the condition that the commission receive no less and pay no more than it would have received and paid if the bonds had not been converted and on the condition that the conversion is approved by the commission.
(d) In no event, however, shall the commission be required to pay more than six percent (6%) interest on the amount received for bonds sold under the provisions of this chapter, computed with relation to the absolute maturity of the bonds in accordance with standard tables of bond values.
(e) The commission shall have the right to refuse any and all bids.
(f) The commission may employ one (1) or more fiscal agents for the sale of the bonds and pay a reasonable fee for the services of the agent or agents.
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Arkansas Code — all titles (historical 2020) · legal_authorities
27-88-106. Redemption before maturity.
All bonds issued under the provisions of this chapter, maturing on and after ten (10) years from their date, in the discretion of the State Highway Commission, may contain a provision authorizing their redemption before maturity at the option of the commission in a manner as it may elect at par plus accrued interest upon notice published for one (1) insertion not more than sixty (60) days and not later than thirty (30) days before the date of such redemption in a newspaper of general circulation published in Little Rock and in a financial journal published in the Borough of Manhattan, New York, New York.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 27-88-106
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. The source passage cites 27-88-106. This identifies an authority to review, not proof of applicability.