Sec. 6. If no acceptable bid is received at the time fixed for sale of the bonds at a public sale, the state educational institution:

(1) may continue the sale from day to day for a period not to exceed thirty (30) days without readvertising; and

(2) may not accept a bid during the continuation of the sale that offers a higher interest cost than the best bid received at the time fixed for the sale under section 3 of this chapter.

The acceptability of a bid is within the sole discretion of the state educational institution issuing the bonds. A state educational institution may not negotiate a sale for an issue of bonds without public bidding under section 1 of this chapter until the thirty (30) day period required by this section has passed for that issue if the state educational institution has conducted a public sale for that issue under sections 3 and 4 of this chapter.

[Pre-2007 Higher Education Recodification Citation: 4-1-5-1(c) part.]

As added by P.L.2-2007, SEC.273.