SUBCHAPTER D SALE OF BONDS AND NOTES Sec. 8161. Manner of sale of bonds or notes. 8162. Contents of public advertisement and of official notice of sale. 8163. Proposals for purchase. 8164. Opening of bids. 8165. Determination of highest and best bid. 8166. Required bid security. 8167. Reserved right to reject bids. 8168. Failure to receive conforming bid. 8169. Determination of net interest cost and net interest rate. Cross References. Subchapter D is referred to in sections 8103, 8109, 8127 of this title. § 8161. Manner of sale of bonds or notes. (a) General rule.--Except as otherwise specifically provided in this subpart and subject to subsection (b), bonds or notes may be sold at public or private sale by negotiation or upon invitation and at the price the governing body of the issuing local government unit shall determine. Before making any private sale by negotiation of bonds or notes, the governing body shall adopt a resolution finding that a private sale by negotiation is in the best financial interest of the local government unit. Bonds or notes may be conditionally sold before the final details of the series are fixed. (b) Public sale.--Bonds or notes, if sold at public sale, shall be sold to the highest responsible bidder or bidders after one public notice by advertisement of either the official notice of sale, or of the availability of the official notice of sale, in at least one and not more than two newspapers of general circulation in the county in which the local government unit is located. The advertisement may also be published in a financial journal circulating among the underwriters of securities. Advertisements shall be published not less than ten nor more than 30 days prior to the date fixed for opening proposals and need not appear on the same date nor successively in each newspaper or journal.

SUBCHAPTER D SALE OF BONDS AND NOTES Sec. 8161. Manner of sale of bonds or notes. 8162. Contents of public advertisement and of official notice of sale. 8163. Proposals for purchase. 8164. Opening of bids. 8165. Determination of highest and best bid. 8166. Required bid security. 8167. Reserved right to reject bids. 8168. Failure to receive conforming bid. 8169. Determination of net interest cost and net interest rate. Cross References. Subchapter D is referred to in sections 8103, 8109, 8127 of this title. § 8161. Manner of sale of bonds or notes. (a) General rule.--Except as otherwise specifically provided in this subpart and subject to subsection (b), bonds or notes may be sold at public or private sale by negotiation or upon invitation and at the price the governing body of the issuing local government unit shall determine. Before making any private sale by negotiation of bonds or notes, the governing body shall adopt a resolution finding that a private sale by negotiation is in the best financial interest of the local government unit. Bonds or notes may be conditionally sold before the final details of the series are fixed. (b) Public sale.--Bonds or notes, if sold at public sale, shall be sold to the highest responsible bidder or bidders after one public notice by advertisement of either the official notice of sale, or of the availability of the official notice of sale, in at least one and not more than two newspapers of general circulation in the county in which the local government unit is located. The advertisement may also be published in a financial journal circulating among the underwriters of securities. Advertisements shall be published not less than ten nor more than 30 days prior to the date fixed for opening proposals and need not appear on the same date nor successively in each newspaper or journal.