§ 20-4-107. COMBINATION BIDDING ON TWO OR MORE SIMULTANEOUS ISSUES.

(a)

Except as hereinafter provided, whenever there shall be issued simultaneously certificates of indebtedness of two (2) or more county loans or installments thereof, bidders therefor shall be permitted, in the discretion of the county, to bid for the same on an all-or-none basis on all or any combination thereof by submitting a separate bid for each loan or installment thereof and specifying therein that such bid is conditioned upon acceptance of companion bids for all or any combination of other loans or installments thereof being simultaneously issued; and, in the event that such an all-or-none bid will, if accepted, produce for the county a lower net interest cost than the highest individual bids for each of the two (2) or more county loans or installments thereof, the county may accept such an all-or-none bid, notwithstanding that one (1) or more of the bids for each loan or installment thereof, comprising a part of the all-or-none bid, if accepted separately, would afford to the county a higher net interest cost than an individual bid for such loan or installment thereof not a part of a bid on an all-or-none basis. Whenever bids are submitted simultaneously on two (2) or more county loans or installments thereof, bidders may also be permitted, in the discretion of the county, to submit a consolidated bid on any two (2) or more of such loans. The provisions of this section shall apply to all county loans now or hereafter authorized notwithstanding any provision contained in any act or acts expressly authorizing such loans, and all provisions of such act or acts, to the extent of their inconsistency with the provisions of this section, are hereby repealed.

(b)

As an alternative to compliance with the provisions of subsection (a) of this section, it is confirmed that the manner and terms of the sale of bonds when two (2) or more county loans or installments thereof are issued simultaneously may be determined in a bond authorization ordinance described in and complying with Section 720 of the Charter.

(1988 Code, § 35-257) (Bill No. 126, § 2, 9-28-1990; Bill No. 30-03, § 1, 7-1-2004)