Section 2-5-33

Sale of the bonds.

The bonds may be sold by the authority from time to time in series. Each series of the bonds shall be sold at competitive bid and at such price or prices and at such time or times as the authority may consider advantageous. Bonds sold by competitive bid shall be sold, whether on sealed bids or at public auction, to the bidder whose bid reflects the lowest effective borrowing cost to the authority on the series of bonds being sold; provided, that if no bid acceptable to the authority is received, it may reject all bids. Summary notice of each such sale shall be given by publication in either a financial journal or a financial newspaper published in the City of New York, New York, and also by publication in a newspaper published in the State of Alabama which is customarily published not less often than five days during each calendar week, each of which notices must be published at least one time not less than 10 days prior to the date fixed for the sale or, in the event no bid acceptable to the authority is received at any such sale and the bonds so offered are thereafter reoffered on the same terms and conditions, not less than five days prior to the date fixed for sale. The authority may fix the terms and conditions under which the sale of any series of the bonds may be held. Neither a public hearing nor consent of the state Department of Finance or any other department or agency shall be a prerequisite to the issuance of any of the bonds.

(Act 98-243, p. 396, §5.)