177.605 Advertisements for bids before sale of bonds -- Bids to be in writing and sealed -- Opening of bids -- Rejection -- Premium and accrued interest to be deposited in sinking fund -- Destruction - Kentucky Statutes

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177.605 Advertisements for bids before sale of bonds -- Bids to be in writing and sealed -- Opening of bids -- Rejection -- Premium and accrued interest to be
deposited in sinking fund -- Destruction of matured coupons -- Cost of
advertising. Before any of said bonds shall be sold, said State Property and Buildings Commission
shall advertise not less than once in each of the four (4) weeks preceding the day of sale
in at least three (3) newspapers of general circulation in Kentucky and in some one (1) or
more recognized financial journals published in the city of New York for bids therefor,
and all bids shall be in writing and sealed, and on the day fixed therefor shall be publicly
opened by the State Property and Buildings Commission at a time and place designated in
the advertisement for bids. None of said bonds shall be sold at less than par and accrued
interest, and each advertisement for bids shall so state. Said bonds shall be sold to the
highest and best bidder. Said State Property and Buildings Commission shall have the
right to reject any and all bids. Any premium and accrued interest received shall be
deposited in the sinking fund provided by KRS 177.580 to 177.630 for the payment of
said bonds and interest thereon. On the sale of said bonds, all matured coupons shall be
detached and destroyed by the State Property and Buildings Commission and a record
made of such destruction. The cost incurred by the State Property and Buildings
Commission in advertising for bids and in making the sale of said bonds shall be certified
by said commission to the Finance and Administration Cabinet and shall be paid out of
the state road fund. Effective: June 26, 1956
History: Created 1956 (2nd Extra. Sess.) Ky. Acts ch. 3, sec. 6, effective June 26, 1956.