§13-1-21. Advertisement and sale of bonds.
The governing body of the political division issuing bonds
pursuant to this article shall sell the same and collect the
proceeds, which proceeds shall be deposited with its treasurer.
The governing body of the political division shall advertise such
bonds for sale, on sealed bids or electronic bids if the governing
body elects to utilize an electronic bidding procedure, which
advertisement shall be published as a Class II legal advertisement
in compliance with the provisions of article three, chapter
fifty-nine of this code and the publication area for the
publication shall be the political division. The first publication
shall be made at least fourteen days before the date fixed for the
reception of bids. The advertisement shall also be published in
the Bond Buyer or similar publication and the advertisement may be
published electronically: Provided, That all advertisements
required by this section may consist of an abbreviated notice of
the sale of the bonds. The governing body may reject any and all
bids. If the bonds are not sold pursuant to the advertisement,
they may, within one hundred twenty days after the date advertised
for the reception of bids, be sold by the governing body at private
sale, but no private sale shall be made at a price less than the
highest bid which is received. If not sold, the bonds shall be
readvertised in the manner herein provided. In no event shall
bonds be sold for less than their par value.