§ 159-125. Bid instructions; bid deposit.

§ 159‑125.  Bid instructions; bid deposit.

(a)        Except for revenue bonds and project development financingdebt instruments, no bid for less than ninety‑eight percent (98%) of theface value of the bonds plus one hundred percent (100%) of accrued interest maybe entertained.

Different rates of interest may be bid for bonds maturing in differentyears, and different rates of interest may be bid for bonds maturing in thesame year unless the Secretary of the Commission requires one interest rate permaturity in connection with the sale of the bonds. This subsection applies topublic sale of bonds only.

(b)        The Secretary of the Commission may require that bids beaccompanied by a bid deposit in an amount prescribed by the Secretary of theCommission or may determine that no bid deposit is required. If required, thebid deposit shall be made in a form approved by the Secretary of theCommission, and shall secure the issuing unit against loss resulting from thebidder's failure to comply with the terms of the bid.

(c)        When a State or federal agency has agreed to purchase thebonds at a stated rate of interest unless more favorable bids are received,bids may be entertained from other purchasers for less than all of the bonds. (1931, c. 60, ss. 17, 19; c. 296, s. 1; 1933, c. 258, s. 1; 1969, c.943; 1971, c. 780, s. 1; 1981 (Reg. Sess., 1982), c. 1276, s. 6; 1987, c. 585,s. 6; 2003‑403, s. 9; 2005‑238, s. 7.)