Oklahoma § 62-57.105 - Advertisement for bids - Interest - Deposit

§ 62-57.105. Advertisement for bids - Interest - Deposit

The Commission shall advertise the Series D Bonds for sale in

the manner hereinafter provided. Notice of such sale shall be

published at least once in each of two (2) consecutive weeks prior

to the date fixed for such sale in a newspaper having a general

circulation in the State of Oklahoma and at least once not less than

twenty (20) days prior to the date fixed for such sale in a

financial periodical or newspaper known to have general circulation

among bond dealers and bond purchasers. Such notice shall state the

time and place when and where the Commission will receive written

bids for the purchase of the bonds so offered for sale and shall

Oklahoma Statutes - Title 62. Public Finance

also state that the bonds will be sold to the bidder bidding the

lowest interest cost to the State of Oklahoma, such cost to be

determined by deducting the total amount of any premium bid from the

aggregate amount of interest on all of the bonds from their date

until their respective maturities, stating also, however, that the

Commission may, in its discretion, reject all bids submitted and

readvertise the bonds for sale. Such notice may contain such other

conditions, information and details as the Commission deems

appropriate and desirable to secure understanding of the offer and

to assure maximum competition between bidders. Upon acceptance of

any bid (which shall name the interest rate or rates, not exceeding

five percent (5%) per annum), the bonds shall be issued in

accordance therewith and shall be delivered to said purchaser upon

payment of the purchase price thereof, which shall be not less than

par plus accrued interest to date of delivery; provided, however,

that no tender of the bonds shall be valid until after the

expiration of the period of contestability provided for herein. All

bidders shall be required to submit with their bids such good faith

deposit as may to the Commission seem appropriate. Upon the

acceptance of a bid, the Commission shall return to all of the

unsuccessful bidders the deposits so made by them. All such

deposits by the successful bidder shall become the property of the

State of Oklahoma, and shall be credited upon the purchase price of

the bonds so sold and with the further agreement that if the

purchaser shall fail for five (5) days after the tender of the bonds

to pay the balance of the purchase price, said sale shall be thereby

annulled and the deposit shall in such event be retained by the

State of Oklahoma and credited to the General Revenue Fund of the

state.

Laws 1968, c. 265, § 5, emerg. eff. April 29, 1968.