(a) Any of the bonds may be sold at any time and from time to time as said board of directors may deem advantageous. The bonds must be sold only at public sale, either on sealed bids or at public auction, to the bidder whose bid reflects the lowest net interest cost to the authority for the bonds being sold, computed from the date of those at the time being sold to their respective maturities; provided, that if no bid acceptable to the authority is received, it may reject all bids. Notice of each such sale must 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 this state which is customarily published not less often than six 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. The board of directors may fix the terms and conditions under which each such sale may be held; provided, that none of the bonds may be sold for a price less than the face value thereof; provided further, that such terms and conditions shall not conflict with any of the requirements of this article.
(b) 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.
Structure Code of Alabama
Article 3 - Southern Products Mart Authority.
Section 41-10-50 - Short Title.
Section 41-10-51 - Definitions.
Section 41-10-52 - Purpose of Article; Construction of Article.
Section 41-10-57 - Execution and Delivery of Bonds and Interest Coupons.
Section 41-10-59 - Refunding Bonds.
Section 41-10-60 - Disposition of Proceeds From Sale of Bonds and Refunding Bonds.
Section 41-10-62 - Liability Upon Bonds, Debts, Agreements, etc., of Authority.
Section 41-10-66 - Annual Audit of Books and Accounts of Authority; Disposition of Reports Thereof.
Section 41-10-68 - Leasing of Buildings, Facilities and Structures.