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the Georgia Code
2006 Georgia Code - 2-10-18
2-10-18. (a) All bonds of the authority shall be sold at
public competitive bidding at a price of not less than par plus
accrued interest to date of delivery, provided that the authority
may obligate itself to deliver any given issue of bonds to the
purchasers thereof within any reasonable period of time after the
sale and may pay as a penalty for delay in such delivery such
reasonable sums as may be agreed upon in advance in writing with
the purchasers. All bonds of the authority shall be advertised and
offered prior to the fixing of the interest rates thereon; and bids
thereon shall be competitive as to the interest rate offered by
each bidder, provided that as to any issue of bonds the authority
may make rules limiting the number of divisions into which the
bonds of various maturity dates may be divided and the number and
percentage spreads of the different interest rates which may be bid
to apply to such divisions of the bonds. The authority may require
reasonable security for the performance of the contract of purchase
of any successful bidder at any public competitive bidding
held. (b) Such bonds shall be
dated, shall bear interest determined as provided in subsection (a)
of this Code section, and shall be payable as to both principal and
interest in such manner as may be determined by the authority. The
principal of and interest on such bonds shall be payable solely
from the special fund provided in this article for such
payment. (c) Such bonds shall
mature not more than 25 years from the date of such bonds. They may
be made redeemable before maturity, at the option of the authority,
at such price or prices and under such terms and conditions as may
be fixed by the authority in the resolution providing for the
issuance of the bonds.
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