6163 - Sale of bonds.

     § 6163.  Sale of bonds.        (a)  Public sale.--Whenever bonds are issued, they shall be     offered for sale at not less than 98% of the principal amount     and accrued interest and shall be sold by the Governor, Auditor     General and State Treasurer to the highest and best bidder or     bidders after due public advertisement, on such terms and     conditions and upon such open competitive bidding as the     Governor, Auditor General and State Treasurer shall direct. The     manner and character of the advertisement and the times of     advertising shall be prescribed by the Governor, Auditor General     and State Treasurer.        (b)  Private sale.--Any portion of any bond issue so offered     and not sold or subscribed for may be disposed of by private     sale by the Governor, Auditor General and State Treasurer in     such manner and at such prices, not less than 98% of the     principal amount and accrued interest, as the Governor shall     direct. No commission shall be allowed or paid for the sale of     any bonds issued under the authority of this subchapter.        (c)  Series.--When bonds are issued from time to time, the     bonds of each issue shall constitute a separate series to be     designated by the issuing officials or may be combined for sale     as one series with general obligation bonds of the Commonwealth.