(a) The State of Arkansas Higher Education General Obligation Bonds may be sold in the manner, either at private or public sale, and upon terms as the Arkansas Development Finance Authority shall determine to be reasonable and expedient for effectuating the purposes of this subchapter. The bonds may be sold at a price acceptable to the authority, which may include a discount or a premium.
(b) If the bonds are to be sold at public sale, the authority shall give notice of the offering of the bonds in a manner reasonably designed to notify participants in the public finance industry that the offering is being made. The authority shall set the terms and conditions of bidding, including the basis on which the winning bid will be selected.
(c) The authority may:
(1) Structure the sale of bonds utilizing financing techniques recommended by its professional advisors in order to take advantage of market conditions and may obtain the most favorable interest rates consistent with the purposes of this subchapter;
(2) Enter into ancillary agreements in connection with the sale of the bonds that are necessary and advisable, including, without limitation, bond purchase agreements, remarketing agreements, letters of credit, or reimbursement agreements; and
(3) Enter into an interest rate exchange agreement or similar agreement or contract with any person on a competitive or negotiated basis under the terms and conditions as the authority shall determine in compliance with § 15-5-317.
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