(a) The bonds shall be sold at public sale on sealed bids after such advertisement as the Secretary of the Department of Parks, Heritage, and Tourism shall determine to be necessary for the obtaining of favorable competitive bidding.
(b) In no event shall any bid be accepted which results in a net interest cost, which is determined by computing the aggregate interest cost from date to maturity at the rates bid and deducting any premium or adding the amount of any discount, in excess of the interest cost computed at par for bonds bearing interest at the rate of eight percent (8%) per annum.
(c) The bonds shall not be subject to conversion.
Structure Arkansas Code
Title 13 - Libraries, Archives, and Cultural Resources
Subchapter 3 - Arkansas Museum and Cultural Center Act
§ 13-5-302. Construction of subchapter
§ 13-5-307. Funds for museum and cultural center — Issuance of bonds
§ 13-5-308. Authorizing resolutions
§ 13-5-309. Terms and characteristics of bonds
§ 13-5-310. Contract with bond owners — Enforcement
§ 13-5-312. Execution of bonds and coupons
§ 13-5-313. Statements on bonds — Liability
§ 13-5-314. Disposition of revenues
§ 13-5-315. Debt service — Pledge of revenues and earnings — Admission charges
§ 13-5-316. Administration of debt-servicing provisions — Bond guaranty fund
§ 13-5-319. Investment by retirement systems