Arkansas Code Title 27. Transportation § 27-88-108. Provisions for sale

(a) The State Highway Commission is authorized to sell all the bonds of each issue issuable under this chapter at one (1) time, or it may from time to time sell installments of the bonds of each issue in principal amounts to be determined by the commission. The bonds of each issue may be delivered all at one (1) time or from time to time.

(b) All bond sales shall be public on sealed bids, after notice published by the commission's secretary for one (1) insertion not more than thirty (30) days nor less than fifteen (15) days before the date of the sale, in the news media specified in § 27-88-106. This requirement shall not apply to a sale of bonds made to an agent or instrumentality of the United States Government, including corporations, the capital stock of which is subscribed by the United States Government.

(c) Bonds may be sold at less than par, and the bonds of each issue, as sold, may be converted into an issue of bonds bearing a lower rate or rates of interest, but only on the condition that the commission receive no less and pay no more than it would have received and paid if the bonds had not been converted and on the condition that the conversion is approved by the commission.

(d) In no event, however, shall the commission be required to pay more than six percent (6%) interest on the amount received for bonds sold under the provisions of this chapter, computed with relation to the absolute maturity of the bonds in accordance with standard tables of bond values.

(e) The commission shall have the right to refuse any and all bids.

(f) The commission may employ one (1) or more fiscal agents for the sale of the bonds and pay a reasonable fee for the services of the agent or agents.