2019 Arkansas Code
Title 27 - Transportation
Subtitle 5 - Highways, Roads, and Streets
Chapter 64 - General Provisions
Subchapter 5 - Arkansas Highway Financing Act of 2011
§ 27-64-508. Sale of Bonds
(a)
(1) The State of Arkansas Federal Highway Grant Anticipation and Tax Revenue Bonds may be sold in any manner, either at private or public sale, and upon terms as the State Highway Commission shall determine to be reasonable and expedient for effecting the purposes of this subchapter.
(2)
(A) The bonds may be sold at a price acceptable to the commission.
(B) The price may include a discount or premium.
(b)
(1) If the bonds are to be sold at public sale, the commission shall give notice of the offering of the bonds in a manner reasonably designed to notify participants in the public finance industry that the offering is being made.
(2) The commission shall set the terms and conditions of bidding, including the basis on which the winning bid will be selected.
(c) The commission may structure the sale of bonds utilizing financing techniques that are recommended by the commission's professional advisors in order to take advantage of market conditions and to obtain the most favorable interest rates consistent with the purposes of this subchapter.
(d) The commission may enter into any ancillary agreements in connection with the sale of the bonds as it deems necessary and advisable, including without limitation bond purchase agreements, remarketing agreements, and letter of credit reimbursement agreements.
