48-1617. Sale of bonds; notice
A. The board may sell the bonds from time to time in such quantities as are
necessary and most advantageous to raise money for the construction, purchase or lease of
power plants, power lines, generators, motors, transformers, poles, wires and works, and
otherwise to carry out the purposes of this chapter. Before making any sale, the board
shall by resolution declare its intention to sell a specified amount of the bonds, shall
fix the day, hour and place of sale, and shall cause such resolution to be entered in the
minutes of the board.
B. Notice of the sale shall be given by publication thereof at least twenty days in
a daily newspaper published in the state or such other newspaper as the board
directs. The notice shall state that sealed bids will be received by the board at its
office for the purchase of bonds until the day and hour named in the resolution.
C. At the time appointed, the board shall open the bids and award the sale of the
bonds to the highest responsible bidder. The board may reject all bids, but the board
shall in no event sell any of the bonds for less than ninety per cent of the face value
thereof. If no bid is made and accepted, the board is authorized to sell any or all of
the bonds at private sale, or to use the bonds for the purchase or lease of power lines,
power plants, generating or distributing systems, for the construction of any power
plants, power lines, generating or distributing systems, the purchase or construction of
which was authorized in the resolution entered in the records of the district setting
forth the purposes for which the bonds were issued, but the bonds shall not be disposed
of at less than ninety per cent of the face value thereof.
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