§ 102506 Bond Sale Procedures

• •Bonds must be sold for at least their face value (par).
• •The board must give notice and ask for sealed bids before selling.
• •The bonds go to the highest responsible bidder, unless the board rejects all bids.
• •If no acceptable bids are received, the board can re‑advertise or sell privately.

A town needs money to fix its water system and decides to sell bonds to raise the cash.

The town board announces a sealed‑bid sale and tells everyone how to bid. If a company offers the best price and is trustworthy, the board sells the bonds to that company. If nobody bids or the offers are too low, the board can cancel the first round and either run another public bid or sell the bonds directly to a private buyer.