§ 14-57-606 - Form and sale of bonds. - Arkansas Statutes

14-57-606. Form and sale of bonds.

(a) (1) Bonds issued under the provisions of this subchapter shall be negotiable instruments and shall be executed by the presiding officer and clerk or recorder of the legislative body of the issuing municipality, and shall be sealed with the corporate seal of the municipality.

(2) In the case any of the officers whose signatures appear on the bonds or coupons shall cease to be such officers before the delivery of the bonds, their signatures shall, nevertheless, be valid and sufficient for all purposes the same as if they had remained in office until the delivery.

(b) The bonds may be sold at not less than ninety cents (90cent(s)) on the dollar, and they may be sold with the privilege of converting to a lower interest rate if, by such conversion, the municipality shall receive no less and pay no more than it would receive or pay if the bonds were not converted.

(c) (1) The bonds shall be sold at a public sale after advertisement once a week for three (3) weeks in some newspaper published in the county in which the municipality lies.

(2) The first publication shall be not less than twenty (20) days before the date fixed for the sale.

(d) The bonds shall be sold for cash, and the proceeds derived therefrom shall be used exclusively for the purpose for which the bonds are issued.

(e) The bonds may be sold and issued all at one (1) time or they may be sold and issued in parcels as funds are needed.