Pennsylvania Statutes Title 72 P.S. Taxation and Fiscal Affairs § 3919.309. Sale of bonds

(a) Public sale.--When bonds are issued under this chapter, they shall be offered for sale at not less than 98% of the principal amount and accrued interest and shall be sold by the issuing officials to the highest and best bidder or bidders after public advertisement on terms and conditions and upon open competitive bidding as the issuing officials direct.  The manner and times of advertising shall be prescribed by the issuing officials.

(b) Private sale.--Any portion of a bond issue offered under subsection (a) and not sold or subscribed to may be disposed of by private sale by the issuing officials in a manner and at prices, not less than 98% of the principal amount and accrued interest, as the Governor directs.  No commission shall be allowed or paid for the sale of bonds issued under this chapter.

(c) Temporary bonds.--Until permanent bonds can be prepared, the issuing officials may issue, in lieu of permanent bonds, temporary bonds in form and with privileges as to the registration and exchange for permanent bonds as may be determined by the issuing officials.