§ 14-72-302 - Interest, maturity, and sale. - Arkansas Statutes

14-72-302. Interest, maturity, and sale.

(a) Bonds bearing interest at a rate not exceeding five percent (5%) per annum and maturing in not more than thirty-five (35) years may be issued by the county court in the name of the county when authorized by a vote of the qualified electors, and they may be exchanged for the warrants when the warrants are discounted at the rate of five percent (5%) per annum, from the date of the bonds to the date of the maturity of the warrants, or they may be issued only as the warrants mature.

(b) In the latter event, the bonds shall be dated in installments as the outstanding warrants mature and bear interest only from that date.

(c) The bonds may be sold at public auction or upon sealed bids after notice by publication once a week for at least three (3) insertions in some newspaper published and having a bona fide circulation in the county. The last insertion is to be not less than seven (7) days before the date of sale, or they may be exchanged at par for warrants maturing on their date.

(d) The county court may, in its discretion, advertise the sale in other newspapers or in financial journals.

(e) The validity of the bonds shall not be affected by the fact that any of the officers executing them may have died or gone out of office before their sale or delivery.

(f) The bonds shall be made serially through a term of years.

(g) They shall be executed by the county judge and attested by the county clerk and shall bear the seal of the county court.

(h) They may all be sold at once, or they may be sold in installments, from time to time, as the outstanding warrants mature.

(i) Bonds shall not be sold on a basis of less than par for five percent (5%) bonds.