7-7-2238. Resolution to sell bonds pursuant to public sale. (1) If a sufficient percentage of the qualified electors entitled to vote at an election voted on the question and a sufficient percentage of votes were cast in favor of issuing bonds as provided in 7-7-2237 and if the board of county commissioners conducts a public sale, the board of county commissioners shall adopt a resolution calling for the sale of the bonds.
(2) The resolution calling for the sale of the bonds must state:
(a) the purpose for which the bonds are to be issued;
(b) the amount of the bonds to be issued;
(c) the minimum purchase price of the bonds;
(d) the date that the bonds will bear;
(e) the period of time through which the bonds are payable;
(f) the optional redemption provisions, if any; and
(g) a form of notice of the sale of the bonds.
(3) The resolution must, except in a bond issue of citizen bonds, fix the denomination of serial bonds in case it is found advantageous to issue bonds in that form. The board may in its discretion provide that the bonds may be issued and sold in two or more series or installments.
(4) The board of county commissioners may fix the minimum price for the bonds in an amount less than the principal amount of the bonds, which may not be less than 97% of the principal amount, if the board determines that a sale at that price is in the best interests of the county.
History: En. Sec. 14, Ch. 188, L. 1931; re-en. Sec. 4630.14, R.C.M. 1935; amd. Sec. 1, Ch. 210, L. 1961; R.C.M. 1947, 16-2028(part); amd. Sec. 2, Ch. 336, L. 1989; amd. Sec. 7, Ch. 559, L. 1993; amd. Sec. 4, Ch. 423, L. 1995; amd. Sec. 3, Ch. 253, L. 2011.
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