Sec 5-1164. Issuance and sale of bonds

A. The authority board shall issue the bonds in the number and amount provided in the resolution. The authority board shall provide published notice within fifteen days to the public and to the district board of directors of its intention to issue bonds.

B. The bonds may be sold by competitive public sale, through an online bidding process or at negotiated sale for public or private offering at the price and on the terms prescribed in the resolution. For the purposes of this subsection, "online bidding process" means a procurement process in which the board receives bids electronically over the internet in a real-time, competitive bidding event.

C. The proceeds from the sale of the bonds shall be deposited in the bond proceeds account established pursuant to section 5-1165.

D. Title 35, chapter 3, article 7 applies to the authority board and to bonds issued under this article.

(Conditionally Rpld.)