Ark. Code Ann. § 13-5-311
This is the official text of Ark. Code Ann. § 13-5-311, part of Arkansas’s Code Ann — part of the compiled statutory law of Arkansas, published by the state as "Code Ann." Browse the sections below, each linked to its official government source.
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Sale of bonds
Official statutory text
(a) The bonds shall be sold at public sale on sealed bids after such advertisement as the Secretary of the Department of Parks, Heritage, and Tourism shall determine to be necessary for the obtaining of favorable competitive bidding. (b) In no event shall any bid be accepted which results in a net interest cost, which is determined by computing the aggregate interest cost from date to maturity at the rates bid and deducting any premium or adding the amount of any discount, in excess of the interest cost computed at par for bonds bearing interest at the rate of eight percent (8%) per annum. (c) The bonds shall not be subject to conversion. Amended by Act 2019, No. 910,§ 5568, eff. 7/1/2019. Acts 1971, No. 515, § 5; 1975 (Extended Sess., 1976), No. 1018, § 2; A.S.A. 1947, § 6-1206.
(a) The bonds shall be sold at public sale on sealed bids after such advertisement as the Secretary of the Department of Parks, Heritage, and Tourism shall determine to be necessary for the obtaining of favorable competitive bidding.
(b) In no event shall any bid be accepted which results in a net interest cost, which is determined by computing the aggregate interest cost from date to maturity at the rates bid and deducting any premium or adding the amount of any discount, in excess of the interest cost computed at par for bonds bearing interest at the rate of eight percent (8%) per annum.
(c) The bonds shall not be subject to conversion.
Amended by Act 2019, No. 910,§ 5568, eff. 7/1/2019.
Acts 1971, No. 515, § 5; 1975 (Extended Sess., 1976), No. 1018, § 2; A.S.A. 1947, § 6-1206.
(a) The bonds shall be sold at public sale on sealed bids after such advertisement as the Secretary of the Department of Parks, Heritage, and Tourism shall determine to be necessary for the obtaining of favorable competitive bidding.
(b) In no event shall any bid be accepted which results in a net interest cost, which is determined by computing the aggregate interest cost from date to maturity at the rates bid and deducting any premium or adding the amount of any discount, in excess of the interest cost computed at par for bonds bearing interest at the rate of eight percent (8%) per annum.
(c) The bonds shall not be subject to conversion.
Amended by Act 2019, No. 910,§ 5568, eff. 7/1/2019.
Acts 1971, No. 515, § 5; 1975 (Extended Sess., 1976), No. 1018, § 2; A.S.A. 1947, § 6-1206.
Status: in_force
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