Oklahoma § 62-57.65 - Advertisement and sale of bonds

§ 62-57.65. Advertisement and sale of bonds

The Commission shall advertise said bonds for sale in the manner

hereinafter provided. Notice of such sale shall be published at

least twenty (20) 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 four percent (4%) 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 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

Oklahoma Statutes - Title 62. Public Finance

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 1965, c. 515, § 5.