§ 6-81-112 - Bonds, notes, etc. -- Sale. - Arkansas Statutes

6-81-112. Bonds, notes, etc. -- Sale.

(a) Obligations may be sold at public sale on sealed bids or by negotiation.

(b) (1) If obligations are sold at public sale, notice of the sale shall be published at least once in a newspaper published in Little Rock, Arkansas, and having a general circulation through the State of Arkansas, with the first publication to be at least ten (10) days prior to the date of sale. Notice may be published in such other publications as the Arkansas Student Loan Authority may determine.

(2) If obligations are sold at a negotiated sale, the authority shall solicit proposals from prospective purchasers after reasonable public notice of the solicitation. Requests for proposals may be solicited from prospective purchasers upon the advice of the authority's financial advisor.

(c) All obligations may be sold at such price as the authority may accept, including sale at a discount.

(d) The authority shall have the right to reject any and all bids at a public sale and the right to reject any and all proposals for a negotiated sale.