2020 Arkansas Code
Title 27 - Transportation
Subtitle 5 - Highways, Roads, And Streets
Chapter 64 - General Provisions
Subchapter 2 - Arkansas Highway Financing Act of 1999
§ 27-64-209. Sale of bonds — Employment of professionals
(a) The bonds may be sold at a price acceptable to the State Highway Commission, which price may include a discount or a premium.
(1) The bonds may be sold in such manner, either at private or public sale, and upon such terms as the commission shall determine to be reasonable and expedient for effecting the purposes of this subchapter.
(A) If the bonds are to be sold at public sale, the commission shall give notice of the offering of such bonds in a manner reasonably designed to notify participants in the public finance industry that such offering is being made.
(B) The commission shall set the terms and conditions of bidding, including the basis on which the winning bid will be selected.
(1) The commission is authorized to structure the sale of bonds utilizing such financing techniques as are recommended by its professional advisors in order to take advantage of market conditions and obtain the most favorable interest rates consistent with the purposes of this subchapter.
(2) In furtherance of this authorization, the commission may enter into such 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 letters of credit and reimbursement agreements.
(d) The commission is authorized to retain such professionals as it deems necessary to accomplish the issuance and sale of the bonds, including, without limitation, legal counsel, financial advisors, underwriters, trustees, paying agents, and remarketing agents.