NOTE: §570 eff. until July 1, 2021. See Acts 2018, No. 569.
§570. Sale of bonds
All bonds issued hereunder shall be advertised for sale on sealed bids, which advertisement shall be published at least once a week for three weeks, the first publication to be made at least fifteen days preceding the date fixed for the reception of bids. Advertisement shall be in the official journal of the governing authority at least fifteen days before the date fixed for the reception of bids. Notice of sale shall also be published once a week for three weeks preceding the date fixed for the reception of bids, either in a financial paper published in the city of New York or the city of Chicago, or in a newspaper of general circulation published in a city of this state, having a population of not less than twenty thousand inhabitants, according to the last federal census.
The governing body may reject any and all bids. If the bonds are not sold pursuant to the advertisement, they may be sold by the governing body by private sale, within sixty days after the date advertised for the reception of sealed bids, but no private sale shall be made at a price less than the highest bid which shall have been received. If not so sold, the bonds shall be readvertised in the manner herein prescribed.
NOTE: §570 as repealed by Acts 2018, No. 569, eff. July 1, 2021.
§570. Repealed by Acts 2018, No. 569, §2, eff. July 1, 2021.
Amended by Acts 1968, No. 72, §1; Acts 2018, No. 569, §2, eff. July 1, 2021.
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.