Ark. Code Ann. § 15-22-713: Bonds - Sale after notice

(a) Bonds shall be sold at public sale on sealed bids, after notice published by the Chair of the Arkansas Natural Resources Commission by at least one (1) insertion not less than twenty (20) days before the date of sale in a newspaper published in the City of Little Rock and in a financial newspaper or journal published in the Borough of Manhattan, City and State of New York.

(b) The Arkansas Natural Resources Commission shall award the sale of the bonds to the bidder offering to purchase the bonds at a price which results in the lowest net interest cost to the State of Arkansas, determined by computing the total interest cost from date to maturity and deducting therefrom any premium bid and adding thereto the amount of any discount bid.

(c) The commission shall reserve the right to reject all bids tendered at the public sale.

(d) The notice shall contain such other terms and provisions as the commission determines to be desirable.

(e) The costs of publication of notices and of printing of the bonds, official statements, and other documents relating to the sale of the bonds shall be paid from the proceeds of the bonds.

(f) The commission may employ administrative agents, fiscal agents, and legal counsel and may pay them reasonable compensation from the proceeds of the bonds.