Oklahoma § 62-57.85 - Advertisement for bids - Interest - Deposit

§ 62-57.85. Advertisement for bids - Interest - Deposit

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

Oklahoma Statutes - Title 62. Public Finance

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 and one-half percent (4

1/2%) 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 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 1967, c. 289, § 5, emerg. eff. May 8, 1967.