§ 62-57.307. Procedures and requirements for advertisement and sale of bonds.

A.  The Commission shall advertise said bonds for sale in the manner hereinafter provided.  Notice of such sale shall be published at least ten (10) days prior to the date fixed for such sale.  Such notice shall be published in a newspaper having general circulation in the State of Oklahoma, and in a financial periodical or newspaper known to have general circulation among bond dealers and bond purchasers.  Such notice shall state the time and place when and where the Commission will receive written bids for the purchase of the bonds so offered for sale and shall also state the bonds will be sold to the bidder offering the lowest net interest cost or lowest true interest cost to the State of Oklahoma, stating also, however, that the Commission may, in its discretion, reject all nonconforming bids or all bids submitted.  Such notice may contain such other conditions, information and details as the Commission deems appropriate and desirable to provide a thorough understanding of the offer and to assure maximum competition among bidders.  Upon acceptance of the lowest and best bid, the bonds shall be issued in accordance therewith and shall be delivered to said purchaser upon payment of the purchase price thereof, which shall be not less than par plus accrued interest to date of delivery except as otherwise provided herein.  Provided, however, no tender of the bonds shall be valid until after the expiration of the period of contestability provided for herein.  All bidders shall be required to submit with their bids such good faith deposit as may to the Commission seem appropriate.  Upon the acceptance of a bid, the Commission shall return to all of the unsuccessful bidders the deposits so made by them.  All such deposits by the successful bidder shall become the property of the State of Oklahoma, and shall be credited against the purchase price of the bonds so sold or returned upon payment in full of such bonds.  If the purchaser shall fail for five (5) days after the tender of the bonds to pay the balance of the purchase price, said sale shall be thereby annulled and the deposit shall in such event be retained by the State of Oklahoma and credited to the General Revenue Fund of the state.

B.  Competitive bidding may be waived upon an affirmative vote of three-fourths (3/4) of the Commission.  The Commission thereupon may negotiate for the private sale of the obligations to an underwriter or other purchaser or purchasers.  Regardless of the method of sale, the Commission shall be subject to the provisions of the Oklahoma Bond Oversight and Reform Act as set forth in Section 695.1 et seq. of this title.

C.  Professionals selected pursuant to subsection B of this section shall not be finally selected until after approval by a vote of the people of the constitutional amendment identified as House Joint Resolution No. 1076 of the 2nd Session of the 43rd Oklahoma Legislature.

D.  Except as otherwise provided in this act, no bonds shall be sold for less than par value except upon approval of three-fourths (3/4) of the Commission; except as otherwise provided in this act, no bonds shall be sold for less than sixty-five percent (65%) of par value.  In no event shall the original purchaser of any bonds issued by the Commission receive directly or indirectly any fees, compensation or other remuneration in excess of four percent (4%) of the price paid for such bonds by the purchaser of such bonds from the Commission.

Added by Laws 1992, c. 350, § 8.