159-127. Award of bonds.
All bids received pursuant to a public sale shall be opened in public on a date and at a time and place to be specified in the notice of sale. Bonds sold at public sale shall be awarded to the bidder offering to purchase the bonds at the lowest interest cost to the issuing unit calculated in the manner established by the Secretary of the Commission in the notice of sale. (1931, c. 60, s. 18; 1935, c. 356, s. 1; 1939, c. 231, s. 3; 1971, c. 780, s. 1; 2005-238, s. 8.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 159 - Local Government Finance
Article 7 - Issuance and Sale of Bonds.
§ 159-121 - Coupon or registered bonds to be issued.
§ 159-122 - Maturities of bonds.
§ 159-123 - Sale of bonds by sealed bids; private sales.
§ 159-124 - Date of sale; notice of sale and blank proposal.
§ 159-125 - Bid instructions; bid deposit.
§ 159-126 - Rejection of bids.
§ 159-128 - Makeup and formal execution of bonds; temporary bonds.
§ 159-129 - Obligations of units certified by Commission.
§ 159-130 - Record of issues kept.
§ 159-131 - Contract for services to be approved by Commission.
§ 159-132 - State Treasurer to deliver bonds and remit proceeds.
§ 159-133 - Suit to enforce contract of sale.
§ 159-135 - Application of proceeds.
§ 159-136 - Issuing unit to make and report debt service payments.
§ 159-137 - Lost, stolen, defaced, or destroyed bonds or notes.
§ 159-138 - Cancellation of bonds and notes.
§ 159-139 - Destruction of cancelled bonds, notes, and coupons.