§ 14-72-306 - Publication -- Sale of bonds. - Arkansas Statutes

14-72-306. Publication -- Sale of bonds.

(a) Bonds that may be issued to pay for courthouses or jails, or both, which may be built or extended, shall be sold only at public auction or on sealed bids after notice given by order of the county court and published 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 to be not less than seven (7) days before the date of sale.

(b) The notice shall state the amount and maturities of the bonds and the purposes for which they are issued.

(c) The county court may reject any and all bids for any bonds within the scope of this subchapter, and may order a new publication and a new sale, to be conducted in like manner; but the sale must always be to the highest bidder.

(d) Bonds may be sold on condition that they are to be delivered and paid for in installments as the work progresses, but that condition must appear in the notice, which may provide for bids in the alternative for cash or for payment and delivery in installments.

(e) The county court may, if it deems it advisable, advertise the sale in financial journals or in other newspapers published within or without the state.