12 GCA § 66121: Sale of Bonds; Maximum Discount.

Bonds authorized to be issued under the Chapter shall be sold by the Board for cash, in accordance with the provisions of a resolution provid-ing for such sale adopted by the Board and approved by the Governor. Such resolution by the Board may provide that the bonds shall be sold at either public or private sale upon such notice as shall be specified in such resolution, may fix terms and conditions for the sale or other disposition of the bonds and may provide that the bonds shall be sold at less than their par or face value, except that the discount on any bonds so sold shall not exceed five percent (5%) of the par value thereof without the written consent of the Governor. Before any bonds are delivered to the purchaser thereof, all coupons, if any, which have matured on or before the date of such delivery shall be detached therefrom and cancelled.