1. (a) The levee superintendent shall manage and supervise the preparation, advertisement, and sale of the bonds, subject to the authorizing ordinance. Before the sale of the bonds, the superintendent shall have notice of the sale published one (1) time each week for two (2) consecutive weeks in two (2) newspapers of general circulation published in the district. The notice must state the following:

   1. (1) The time and place where bids will be received.
   2. (2) The amount and maturity dates of the issue.
   3. (3) The maximum interest rate.
   4. (4) The terms and conditions of sale and delivery of the bonds.

2. (b) The bonds shall be sold to the highest and best bidder. After the bonds have been properly sold and executed, the superintendent shall do the following:

   1. (1) Deliver the bonds to the treasurer of the authority and take a receipt for the bonds.
   2. (2) Certify to the treasurer the amount that the purchaser is to pay for the bonds, together with the name and address of the purchaser.

3. (c) On payment of the purchase price the treasurer shall deliver the bonds to the purchaser, and the treasurer and superintendent shall report their actions to the board.

   [Pre-1995 Recodification Citation: 13-2-31-19(b).]

As added by P.L.1-1995, SEC.20.