Oklahoma § 62-57.20 - Sales to others than Treasurer or Commissioners

§ 62-57.20. Sales to others than Treasurer or Commissioners

In the event said bonds, or some portion thereof, are not sold to

the State Treasurer or the Commissioners of the Land Office, as

authorized in Section 5 hereof, then the Commissioner is authorized

to advertise said bonds or the unsold portion thereof, for sale to

other bidders and to sell said bonds, or the unsold portion thereof,

in the manner hereinafter provided. Notice of such sale shall be

published at least thirty (30) days prior to the date fixed for such

sale. Such notice shall be published for at least two (2)

consecutive weeks in a newspaper having general circulation in the

State of Oklahoma, and at least once 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 rate to the

State of Oklahoma 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 the low bid (which

shall not exceed an average rate of interest exceeding three percent

(3%) 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, 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 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

Oklahoma Statutes - Title 62. Public Finance

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 1955, p. 341, § 6.