32:11D-76 - Sale - New Jersey Statutes

32:11D-76.  Sale    The commission may fix terms and conditions for the sale or other disposition of any authorized issue of bonds.  The commission may sell bonds at  less than their par or face value but no issue of bonds may be sold at an aggregate price below the par or face value thereof if such sale would result in a net interest cost to the commission calculated upon the entire issue so sold of more than 6% per annum payable semiannually, according to standard tables of bond values.  All bonds issued and sold for cash pursuant to this act  shall be sold on sealed proposals to the highest bidder.  Prior to such sale,  the commission shall advertise for bids by publication of a notice of sale not  less than 10 days prior to the date of sale, at least once in a newspaper of  general circulation printed and published in New York City carrying municipal  bond notices and devoted primarily to financial news.  The commission may  reject any and all bids submitted and may thereafter sell the bonds so  advertised for sale at private sale to any financially responsible bidder under  such terms and conditions as it deems most advantageous to the public interest,  but the bonds shall not be sold at a net interest cost calculated upon the  entire issue so advertised, greater than the lowest bid which was rejected.  In the event the commission desires to issue its bonds in exchange for an existing  facility or portion thereof, or in exchange for bonds secured by the revenues  of an existing facility, it may exchange such bonds for the existing facility  or portion thereof or for the bonds so secured, plus an additional amount of  cash, without advertising such bonds for sale.

     L.1961, c. 13, p. 72, s. 12.13.