5-1164

5-1164. Issuance and sale of bonds

(Conditionally Rpld.)

A. The authority board shall issue the bonds in the number and amount provided in
the resolution. The authority board shall provide published notice within fifteen days to
the public and to the district board of directors of its intention to issue bonds.

B. The bonds may be sold by competitive public sale, through an online bidding
process or at negotiated sale for public or private offering at the price and on the
terms prescribed in the resolution. For the purposes of this subsection, "online bidding
process" means a procurement process in which the board receives bids electronically over
the internet in a real-time, competitive bidding event.

C. The proceeds from the sale of the bonds shall be deposited in the bond proceeds
account established pursuant to section 5-1165.

D. Title 35, chapter 3, article 7 applies to the authority board and to bonds
issued under this article.