(a) Any bonds issued pursuant to this chapter shall be sold at either public or private sale, upon such terms, conditions and regulations as the county government may prescribe; provided, that the county government may authorize the County Administrator to sell such bonds at public or private sale upon such terms, conditions and regulations as it may provide. (b) If the county government determines to sell such bonds at public sale, then the county government shall advertise the bonds for sale at least once, 10 or more days before the date of sale, in at least 1 newspaper of general circulation published in the County, and in a newspaper of general circulation published in the City of New York, inviting bids for the bonds. The advertisements shall state the total amount of the proposed issue, the denominations of the bonds, the place of payment of the bonds and interest, the place and date of opening bids, the conditions under which the bonds are to be sold and such other matters as the county government may determine. The county government may give notice of the sale of the bonds in such other manner as it may decide. (c) The county government may require each bid for the bonds to be accompanied by a certified check in the amount of the bid. After the bonds are awarded or sold to the successful bidder or bidders therefor, the county government shall return to the unsuccessful bidder or bidders the certified check or checks submitted with the bid or bids. (d) The county government may reject any and all bids, but in awarding the sale of the bonds, or any of them, they shall be sold to the purchaser or purchasers which, in the judgment of the county government, offers the most advantageous terms. (e) The county government shall direct and effect the preparation and printing of the bonds authorized by this chapter, shall determine whether such bonds shall be registered or bearer with coupons convertible into fully registered bonds, and shall prescribe the form of the bonds and, in the case of bearer bonds with coupons, the form of the coupons for the payment of interest thereto attached. The bonds shall state the conditions under which they are issued, the face amount of the bonds and, in the case of bearer bonds with coupons, the coupons thereto attached shall be payable at such place or places as may be designated by the county government. The bonds shall be executed, sealed and delivered as prescribed by the county government.
‹ Prev All Delaware sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.