17 GCA § 17119: Sale of Bonds.

Bonds authorized to be issued under this Chapter shall be sold for cash, in accordance with the provisions of a resolution authorizing such sale adopted by the Board. Such resolution may provide that the bonds shall be sold at either public or private sale, 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 no bonds shall be sold at a price below the par or par value thereof which will result in a sale price yielding to the purchaser an average of more than eight percent (8%) per annum, payable semi-annually.