Section 46A-7A-141 - Sale of bonds--Approval--Purposes--Resolution for sale--Notice--Bids. - South Dakota Statutes

46A-7A-141. Sale of bonds--Approval--Purposes--Resolution for sale--Notice--Bids. The board may sell bonds, after approval thereof by the state board, when and in quantities as necessary and most advantageous to raise money for formation of a general plan of its proposed operation, including surveys, examinations, and plans to be made that demonstrate the practicality of such plan, for construction of improvements, acquisition of property and rights and otherwise to carry out the purposes of this chapter. Bonds may be sold at public or private sale for any price the board of directors may establish, but the board may not sell any bonds for less than ninety-five percent of their face value. Before making any public sale, the board, by resolution, shall declare its intention to sell a specified number of bonds and shall set the day, hour, and place of such sale. The resolution shall be entered in the minutes and notices of the sale shall be given by publication at least twenty days before the date of sale in newspapers or journals selected by the board as most likely to reach investors. The notice shall state that sealed proposals will be received by the board for purchase of bonds until the day and hour named in the resolution at the place designated by the board. At the appointed time, the treasurer or secretary of the board shall open the proposals and report to the board. The board may award purchase of the bonds to the highest responsible bidder or may reject all bids.

Source: SL 1985, ch 360, § 141.