33-1111. SALE OF BONDS. School bonds may be sold at private sale, as provided in section 57-232, Idaho Code, after notice as hereinafter provided, or may be sold at public sale as hereinafter provided.
Notice of the intention to sell such bonds at public or private sale shall be published once in the name of the issuer in a newspaper of general circulation within the issuer’s boundaries at least three (3) days prior to the time scheduled by the issuer for approving the sale of such bonds. Failure to comply with this requirement shall not invalidate the sale of the bonds, so long as the issuer has made a good faith effort to comply.
If the bonds are sold at public sale, the notice shall describe the issue of bonds; shall state that the board of trustees will receive sealed bids or electronic bids pursuant to the provisions of section 57-233, Idaho Code, until a specified day and hour; and that said bids will be accepted or rejected at a regular or special meeting of the board at a time and place to be named in the notice. Said notice may require such deposits of forfeits as the board may deem necessary.
At the meeting held at the time and place named in the notice, the board of trustees shall open the bids, and may sell the same to whomever shall make the bid most advantageous to the school district, and the deposits of the unsuccessful bidders shall thereupon be returned to them. Should the successful bidder fail or refuse to tender payment of the amount required for the purchase of the issue within ten (10) days after tender to him of the executed bonds and a certified copy of the bond proceedings, his deposit shall be forfeited; and the board may in its judgment accept the bid next most advantageous, readvertise the issue as before, or sell the bonds at private sale.
The board of trustees may reject any or all bids, and sell the bonds at private sale when this is found to be in the best interest of the district.
History:
[33-1111, added 1963, ch. 13, sec. 107, p. 27; am. 1969, ch. 466, sec. 3, p. 1326; am. 1977, ch. 164, sec. 3, p. 425; am. 1987, ch. 51, sec. 1, p. 84; am. 2001, ch. 336, sec. 2, p. 1195; am. 2013, ch. 183, sec. 4, p. 438.]