7-31-113. Disposition of bonds. (1) The board of county commissioners or council, as the case may be:
(a) may provide by contract for the delivery of bonds at a price not less than 97% of face value upon the terms and conditions provided in the contract; or
(b) may sell and dispose of bonds at public or private sale at a price not less than 97% of face value to raise funds to carry out the contract and use the funds for the payment of any expert or incidental expenses proper and necessary in completing the contract.
(2) In the event that the bonds are sold at public sale, the bonds must be sold for cash to the highest bidder, after public notice by publication in a paper of general circulation printed and published in each county in the state and also by publication in at least three newspapers of general circulation printed and published in the cities of Boston and New York. The notice must be published at least once a week and must contain, in substance, a description of the bonds as set out in 7-31-112.
History: En. Sec. 8, p. 145, L. 1893; re-en. Sec. 4838, Pol. C. 1895; re-en. Sec. 3437, Rev. C. 1907; re-en. Sec. 5296, R.C.M. 1921; re-en. Sec. 5296, R.C.M. 1935; R.C.M. 1947, 11-2508(part); amd. Sec. 20, Ch. 253, L. 2011.
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