Sec. 4. (a) Bonds issued by a school corporation shall be sold: (1) at a public sale; or (2) alternatively, at a negotiated sale. (b) If the bonds are sold at a public sale, the bonds must be sold at: (1) not less than par value; (2) a public sale as provided by IC 5-1-11 ; and (3) any rate or rates of interest determined by the bidding. (c) This subsection does not apply to bonds for which a school corporation: (1) after June 30, 2008, makes a preliminary determination as described in IC 6-1.1-20-3.1 or IC 6-1.1-20-3.5 or a decision as described in IC 6-1.1-20-5 ; or (2) in the case of bonds not subject to IC 6-1.1-20-3.1 , IC 6-1.1-20-3.5 , or IC 6-1.1-20-5 , adopts a resolution or ordinance authorizing the bonds after June 30, 2008. If the net interest cost exceeds eight percent (8%) per year, the bonds must not be issued until the issuance is approved by the department of local government finance. [Pre-2006 Recodification Citation: 21-2-21-3.]
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