Oklahoma § 73-155 - Sale of bonds to public - Bids - Deposit

§ 73-155. Sale of bonds to public - Bids - Deposit

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

to the State Treasurer or other state funds, departments and

agencies as authorized in Section 4 hereof, then the Authority 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 where and when the Authority 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

Authority 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 Authority deems

appropriate and desirable to secure understanding of the offer and

to assure maximum competition between bidders. Upon acceptance of

the low 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. 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

Authority seem appropriate. Upon the acceptance of a bid, the

Authority shall return to all of the unsuccessful bidders the

deposits so made by them. All such deposits shall be made upon the

agreement that the deposit made by the successful bidder shall

become the property of the Authority, and shall be credited upon the

purchase price of the bonds so sold and with the further agreement

Oklahoma Statutes - Title 73. State Capital and Capitol Building

that if the purchaser shall fail for five (5) days after 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 Authority and credited to the Oklahoma Capitol Improvement

Authority Fund.

Added by Laws 1959, p. 251, § 5, emerg. eff. June 27, 1959.