§ 156-100. Sale of bonds. - North Carolina Statutes

§ 156‑100.  Sale ofbonds.

In making the sale of drainage bonds the board of drainagecommissioners shall prepare a notice of such sale containing the usual andappropriate information regarding the terms and provisions of the bonds, andshall publish the same for at least a period of two weeks in at least one paperof general circulation published within the State and in at least one othernewspaper of large circulation among the buyers of bonds, in which they shallinvite sealed bids from prospective purchasers to be opened on a certain day,and may require  a cash deposit to accompany all bids, and shall reserve theright to reject any and all bids. In such notice the commissioners may hold inreserve information as to the date when the first installment of principalshall fall due, the annual installments of principal to be paid, the number ofyears within which the serial bonds are to be paid, the form of the bonds, andthe name of the bank or trust company at which the interest coupons and theinstallments of principal are to be made payable, and shall state that theinformation and data so withheld may subsequently be agreed upon between thedrainage commissioners and the purchaser of the bonds; or the board of drainagecommissioners in their advertisement asking bids may make optional propositionsin the respects above recited, inviting bids as to each kind of bond soproposed. The board of drainage commissioners shall accept the highest bonafide bid for such bonds and issue and sell the same accordingly, provided thehighest bid shall equal or exceed the par value of the bonds with any accruedinterest thereon. If no satisfactory bid shall be received, the board ofdrainage commissioners may readvertise the bonds for sale in the manner aboveprovided, or they may accept any private bid for the bonds at not less thantheir par value, with any accrued interest thereon. The board of drainagecommissioners shall in good faith make diligent effort to sell the bonds at aprice not less than their par value, with accrued interest. Bonds of anydrainage district heretofore sold or contracted to be sold by the LocalGovernment Commission in the manner provided by the Local Government Act,either alone or in conjunction with the board of drainage commissioners, shallbe deemed to have been lawfully sold or contracted to be sold. (1909, c. 442, s. 34; 1911, c. 67, s. 11; 1917, c.152, s. 15; C.S., s. 5357; 1941, c. 142.)