Pennsylvania Statutes Title 72 P.S. Taxation and Fiscal Affairs § 3953. Sale of bonds

Whenever bonds are issued under the direction of the Governor, they shall be offered for sale at not less than par, and shall be sold by the Auditor General and State Treasurer to the highest and best bidder or bidders, after due public advertisement, on such terms and conditions and upon such open competitive bidding, as the Governor shall direct.  The manner and character of such advertisements and the times of advertising shall be prescribed by the Governor.

Any portion of any bond issue so offered and not sold or subscribed for, may be disposed of otherwise by the Auditor General and the State Treasurer, in such manner, and at such prices not less than par, as the Governor shall direct.  No commission shall be allowed or paid for the sale of any bonds issued under the authority of this act.