382.405 Bond advertisement and sale
221 words·~1 min read·
/or/ors-chapter-382/intrastate-bridges/382-405·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
382.405 Bond advertisement and sale.
(1)The board of county commissioners shall advertise in one newspaper in the county outside of Portland, if there is one, in one leading newspaper in Portland, Oregon, and in one leading financial newspaper in New York City for two weeks before any sale of bonds, the fact of the sale, inviting bids for the bonds and stating such facts as will interest prospective purchasers. For example, the date and place of sale, the terms of sale, the character of the bonds, the amount, interest and denomination of the bonds, the fact that all bids must be accompanied by a certified check for five percent of the amount of the bid, that any and all bids may be rejected, that the bonds may be sold only for cash, not below par, and to the highest bidder and such other facts as may in the judgment of the board of county commissioners procure the most advantageous sale of the bonds may be stated.
(2)All bids to purchase bonds shall be sealed and accompanied by a certified check for five percent of the amount of the bid. The board of county commissioners may reject any and all bids.
(3)No bonds authorized by ORS 382.345 shall be sold for less than par or for anything but cash.