Public Sale Of Bonds

(1) Public sales of all General Obligation bonds authorized under provisions of the Industrial Building Bond Act of 1955 must be advertised in a newspaper of general circulation published in the municipality and THE BOND BUYER, at least fourteen (14) days prior to date of sale. In no case shall bonds be sold privately. All bonds must be sold after advertisement and at public sales held in the municipality issuing them. (2) All General Obligation bonds issued under the provisions of the Industrial Building Bond Act of 1955 shall be sold under the conditions stated above. Copies of the bond sale resolution, advertisements and bond prospectus shall be filed with the Building Finance Committee and the Comptroller of the Treasury not later than fifteen (15) days prior to date of sale. After bonds are sold, the municipality shall file with the Building Finance Committee a report of such sale, including information on identity of bidders, buyer or buyers, interest rates and average interest rate.