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177.605 Advertisements for bids before sale of bonds -- Bids to be in writing and sealed -- Opening of bids -- Rejection -- Premium and accrued interest to be deposited in sinking fund -- Destruction

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177.605 Advertisements for bids before sale of bonds -- Bids to be in writing and sealed -- Opening of bids -- Rejection -- Premium and accrued interest to be <br>deposited in sinking fund -- Destruction of matured coupons -- Cost of <br>advertising. Before any of said bonds shall be sold, said State Property and Buildings Commission <br>shall advertise not less than once in each of the four (4) weeks preceding the day of sale <br>in at least three (3) newspapers of general circulation in Kentucky and in some one (1) or <br>more recognized financial journals published in the city of New York for bids therefor, <br>and all bids shall be in writing and sealed, and on the day fixed therefor shall be publicly <br>opened by the State Property and Buildings Commission at a time and place designated in <br>the advertisement for bids. None of said bonds shall be sold at less than par and accrued <br>interest, and each advertisement for bids shall so state. Said bonds shall be sold to the <br>highest and best bidder. Said State Property and Buildings Commission shall have the <br>right to reject any and all bids. Any premium and accrued interest received shall be <br>deposited in the sinking fund provided by KRS 177.580 to 177.630 for the payment of <br>said bonds and interest thereon. On the sale of said bonds, all matured coupons shall be <br>detached and destroyed by the State Property and Buildings Commission and a record <br>made of such destruction. The cost incurred by the State Property and Buildings <br>Commission in advertising for bids and in making the sale of said bonds shall be certified <br>by said commission to the Finance and Administration Cabinet and shall be paid out of <br>the state road fund. Effective: June 26, 1956 <br>History: Created 1956 (2nd Extra. Sess.) Ky. Acts ch. 3, sec. 6, effective June 26, 1956.