35-424

35-424. Sale of bonds; notice, publication and
bids

A. When the loan commissioners are authorized to issue bonds, or decide to refund
or redeem all or any of the existing indebtedness of the state, they shall direct the
state treasurer to advertise the sale of the bonds to be issued for that purpose by
causing a notice of such sale to be published once a week for one month in three
newspapers published in the state, no two of which shall be published in the same county,
and, in their discretion, in a publication in New York City, New York, and in San
Francisco, California. Such notice shall state the amount of bonds to be sold, the
place, day and hour of sale, and that bids will be received by the treasurer for the
purchase of the bonds within one month from expiration of such publication.

B. At the place and time named in the notice the loan commissioners shall open the
bids received by the treasurer and shall award the purchase of the bonds, or any part
thereof, to the best bidder.

C. The loan commissioners may reject any and all bids, and may refuse to make an
award unless sufficient security is furnished by the bidder insuring compliance with his
bid.