§ 19-1277. Issuance and sale of bonds - Competitive bids - Deposit of proceeds.

A.  If at the election three-fifths (3/5) of the voters voting thereon shall vote in favor of the issuance of water facility or reservoir general obligation bonds, the board of county commissioners shall proceed at once with the issuing of the bonds and shall deposit them in the treasury of the county.  The county treasurer shall be responsible and chargeable for the bonds on his official bond.

B.  The bonds shall be sold by competitive bid.  The board of county commissioners shall award the purchase of the bonds to the highest responsible bidder, but shall have the right to reject any and all bids.  The board shall in no event sell any of the bonds for less than par with accrued interest.

C.  Proceeds from the sale of said bonds shall be deposited in the treasury of said county and the county treasurer shall pay out such money upon the orders of the board of county commissioners from time to time as the same shall be needed.

Added by Laws 1982, c. 327, § 3, emerg. eff. June 1, 1982.