§ 159-124. Date of sale; notice of sale and blank proposal. - North Carolina Statutes

§ 159‑124.  Date ofsale; notice of sale and blank proposal.

The date of sale shall be fixed by the secretary in consultation withthe issuing unit.  Prior to the sale date, the secretary shall take such stepsas are most likely, in his opinion, to give notice of the sale to all potentialbidders within or without this State or the United States of America, takinginto consideration the size and nature of the issue.

The secretary shall maintain a mailing list for notices of sale andblank proposals, and shall place thereon any person, firm, or corporation sorequesting.  Failure to send copies of notices and blank proposals to persons,firms, or corporations on the mailing list shall in no way affect the legalityof the bonds.

The secretary shall prepare a notice of sale and blank proposal forbids for each bond issue required to be sold by sealed bids.  The notice andblank proposal may be combined with such fiscal information as the secretarydeems appropriate, and shall contain:

(1)        A statement that the bonds are to be sold upon sealed bidswithout auction.

(2)        The aggregate principal amount of the issue.

(3)        The time and place of sale, the time within which bids mustbe received, the place to which bids must be delivered, and the time and placeat which bids will be opened, which place or places may be within or withoutthis State or the United States of America.

(4)        Instructions for entering bids.

(5)        Instructions as to the amount of bid deposit required, theform in which it is to be made, and the effect of failure of the bidder tocomply with the terms of his bid. (1931, c. 60, s. 17; c. 296, s. 1; 1933, c. 256, s. 1; 1969, c. 943;1971, c. 780, s. 1; 1987, c. 585, ss. 4, 5.)