§ 6-20-1008 - Sale and award of bonds.
6-20-1008. Sale and award of bonds.
(a) The bonds shall be sold at public sale on sealed bids.
(b) Notice of the sale shall be published one (1) time a week for at least two (2) consecutive weeks in a newspaper published in the City of Little Rock and having a general circulation throughout the State of Arkansas, with the first publication to be at least twenty (20) days prior to the date of sale. The notice may be published in such other publications as the State Board of Education may determine.
(c) The bonds may be sold at such price as the state board may accept, including sale at a discount, but in no event shall any bid be accepted that would require the state board to pay interest on the amount received at a rate in excess of the maximum lawful rate.
(d) The award, if made, shall be to the bidder whose bid results in the lowest net interest cost, which shall be determined by computing the aggregate interest cost from date to maturity at the rate or rates bid and deducting the amount of any premium or adding the amount of any discount.