Arkansas Code Title 6. Education § 6-61-1008. Bonds--Sale

(a) Bonds issued pursuant to this subchapter may be sold by negotiation or at public sale, as shall be determined by the board of trustees.

(b) If the bonds are sold by negotiation, the board of trustees is authorized to enter a bond purchase agreement upon such terms regarding discount and underwriting fees and at such interest rates as the board of trustees shall determine in the exercise of its reasonable discretion.

(c) If the bonds are sold at public sale, notice of such public sale shall be published in a newspaper of general circulation throughout the state at least twenty (20) days prior to the date of sale, and the sale of the bonds shall be awarded to the bidder whose bid results in the lowest net interest cost, taking into account any premium or discount contained in such bid.