48-1617. Sale of bonds; notice
A. The board may sell the bonds from time to time in such quantities as are necessary and most advantageous to raise money for the construction, purchase or lease of power plants, power lines, generators, motors, transformers, poles, wires and works, and otherwise to carry out the purposes of this chapter. Before making any sale, the board shall by resolution declare its intention to sell a specified amount of the bonds, shall fix the day, hour and place of sale, and shall cause such resolution to be entered in the minutes of the board.
B. Notice of the sale shall be given by publication thereof at least twenty days in a daily newspaper published in the state or such other newspaper as the board directs. The notice shall state that sealed bids will be received by the board at its office for the purchase of bonds until the day and hour named in the resolution.
C. At the time appointed, the board shall open the bids and award the sale of the bonds to the highest responsible bidder. The board may reject all bids, but the board shall in no event sell any of the bonds for less than ninety per cent of the face value thereof. If no bid is made and accepted, the board is authorized to sell any or all of the bonds at private sale, or to use the bonds for the purchase or lease of power lines, power plants, generating or distributing systems, for the construction of any power plants, power lines, generating or distributing systems, the purchase or construction of which was authorized in the resolution entered in the records of the district setting forth the purposes for which the bonds were issued, but the bonds shall not be disposed of at less than ninety per cent of the face value thereof.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.