Oklahoma § 62-57.307 - Procedures and requirements for advertisement and sale

§ 62-57.307. Procedures and requirements for advertisement and sale

of bonds.

A. The Commission shall advertise said bonds for sale in the

manner hereinafter provided. Notice of such sale shall be published

at least ten (10) days prior to the date fixed for such sale. Such

notice shall be published in a newspaper having general circulation

in the State of Oklahoma, and 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 the bonds will be

sold to the bidder offering the lowest net interest cost or lowest

true interest cost to the State of Oklahoma, stating also, however,

that the Commission may, in its discretion, reject all nonconforming

Oklahoma Statutes - Title 62. Public Finance

bids or all bids submitted. Such notice may contain such other

conditions, information and details as the Commission deems

appropriate and desirable to provide a thorough understanding of the

offer and to assure maximum competition among bidders. Upon

acceptance of the lowest and best bid, 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 except as otherwise

provided herein. 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 by the successful bidder shall become the

property of the State of Oklahoma, and shall be credited against the

purchase price of the bonds so sold or returned upon payment in full

of such bonds. 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.

B. Competitive bidding may be waived upon an affirmative vote

of three-fourths (3/4) of the Commission. The Commission thereupon

may negotiate for the private sale of the obligations to an

underwriter or other purchaser or purchasers. Regardless of the

method of sale, the Commission shall be subject to the provisions of

the Oklahoma Bond Oversight and Reform Act as set forth in Section

695.1 et seq. of this title.

C. Professionals selected pursuant to subsection B of this

section shall not be finally selected until after approval by a vote

of the people of the constitutional amendment identified as House

Joint Resolution No. 1076 of the 2nd Session of the 43rd Oklahoma

Legislature.

D. Except as otherwise provided in this act, no bonds shall be

sold for less than par value except upon approval of three-fourths

(3/4) of the Commission; except as otherwise provided in this act,

no bonds shall be sold for less than sixty-five percent (65%) of par

value. In no event shall the original purchaser of any bonds issued

by the Commission receive directly or indirectly any fees,

compensation or other remuneration in excess of four percent (4%) of

the price paid for such bonds by the purchaser of such bonds from

the Commission.

Added by Laws 1992, c. 350, § 8.