§ 73-155. Sale of bonds to public - Bids - Deposit.

In the event said bonds, or some portion thereof, are not sold to the State Treasurer or other state funds, departments and agencies as authorized in Section 4 hereof, then the Authority is authorized to advertise said bonds, or the unsold portion thereof, for sale to other bidders and to sell said bonds, or the unsold portion thereof, in the manner hereinafter provided.  Notice of such sale shall be published at least thirty (30) days prior to the date fixed for such sale.  Such notice shall be published for at least two (2) consecutive weeks in a newspaper having general circulation in the State of Oklahoma, and at least once 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 where and when the Authority will receive written bids for the purchase of the bonds so offered for sale and shall also state that the bonds will be sold to the bidder bidding the lowest interest rate to the State of Oklahoma, stating also, however, that the Authority may, in its discretion, reject all bids submitted and readvertise the bonds for sale.  Such notice may contain such other conditions, information and details as the Authority deems appropriate and desirable to secure understanding of the offer and to assure maximum competition between bidders.  Upon acceptance of the low 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.  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 Authority seem appropriate.  Upon the acceptance of a bid, the Authority shall return to all of the unsuccessful bidders the deposits so made by them.  All such deposits shall be made upon the agreement that the deposit made by the successful bidder shall become the property of the Authority, and shall be credited upon the purchase price of the bonds so sold and with the further agreement that if the purchaser shall fail for five (5) days after 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 Authority and credited to the Oklahoma Capitol Improvement Authority Fund.

Added by Laws 1959, p. 251, § 5, emerg. eff. June 27, 1959.