20-9-430. Notice of sale of school district bonds.
20-9-430. Notice of sale of school district bonds. The trustees shall give notice of the sale of school district bonds. The notice must state the purpose for which the bonds are to be issued and the amount proposed to be issued and must be substantially in the following form:
NOTICE OF SALE OF SCHOOL DISTRICT BONDS
Notice is hereby given by the trustees of School District No. _______ of ____________ County, state of Montana, that the trustees will on the ______ day of _______,____, at the hour of _______ o'clock __m. at ______, in the school district, sell to the highest and best bidder for cash (state here: general obligation or impact aid revenue) bonds of the school district in the total amount of ______ dollars ($ ______), for the purpose of ________.
The bonds will be issued and sold in the aggregate principal amount of ________ dollars ($ ____) each and will become payable according to the maturity schedule set forth below (set forth maturity schedule adopted by the school district). (If the bonds are to be issued as amortization bonds, indicate that here.)
The bonds will bear an original issue date of ______,____, will pay interest commencing on the _______ day of ______ (month), ____, will be payable semiannually on the _____ day of ______ (month) and _____ (month) in each year thereafter, and will be redeemable in full. (Here insert optional provisions, if any, to be recited on the bonds.)
The bonds will be sold for not less than $ ______, with accrued interest on the principal amount of the bonds to the date of their delivery, and all bidders shall state the lowest rate of interest at which they will purchase the bonds at the price specified for the bonds. The trustees reserve the right to reject any bids and to sell the bonds at private sale.
All bids must be accompanied by (insert appropriate bid security as permitted by 18-1-202) in the sum of _____ dollars ($ _____) payable to the order of the district, which will be forfeited by the successful bidder in the event that the bidder refuses to purchase the bonds.
All bids should be addressed to the undersigned district.
____________________________________
Presiding officer, School District No.______
of_____________ County
Address:______________
ATTEST:
Subscribed and sworn to before me this ______ day of _______,____; ___________ Notary Public for the State residing at _______, Montana. My commission expires __________.
History: En. 75-7119 by Sec. 320, Ch. 5, L. 1971; amd. Sec. 41, Ch. 234, L. 1971; amd. Sec. 23, Ch. 266, L. 1977; R.C.M. 1947, 75-7119; amd. Sec. 14, Ch. 500, L. 1981; amd. Sec. 1, Ch. 11, L. 1983; amd. Sec. 8, Ch. 631, L. 1983; amd. Sec. 44, Ch. 423, L. 1995; amd. Sec. 9, Ch. 492, L. 2003.