Oklahoma § 62-57.129 - Advertisement and sale of bonds

§ 62-57.129. Advertisement and sale of bonds

The Commission shall advertise the 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 also state that

the bonds will be sold to the bidder bidding the lowest interest

Oklahoma Statutes - Title 62. Public Finance

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 six percent

(6%) 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.

Added by Laws 1969, c. 339, § 9, emerg. eff. May 8, 1969.