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The Florida Statutes

The 2003 Florida Statutes

Title XLVIII
K-20 EDUCATION CODE
Chapter 1010
FINANCIAL MATTERS
View Entire Chapter
Section 1010.47, Florida Statutes 2003

1010.47  Receiving bids and sale of bonds.--

(1)  If the issuance of bonds is authorized at the election, or if any bonds outstanding against the district are being refunded, the district school board shall cause notice to be given by publication in some newspaper published in the district that the board will receive bids for the purchase of the bonds at the office of the district school superintendent. The notice shall be published twice, and the first publication shall be given not less than 30 days prior to the date set for receiving the bids. The notice shall specify the amount of the bonds offered for sale, shall state whether the bids shall be sealed bids or whether the bonds are to be sold at auction, and shall give the schedule of maturities of the proposed bonds and such other pertinent information as may be prescribed by rules of the State Board of Education. Bidders may be invited to name the rate of interest that the bonds are to bear or the district school board may name rates of interest and invite bids thereon. In addition to publication of notice of the proposed sale as set forth in this subsection, the district school board shall notify in writing at least three recognized bond dealers in the state, and, at the same time, notify the Department of Education concerning the proposed sale and enclose a copy of the advertisement.

(2)  All bonds and refunding bonds issued as provided by law shall be sold to the highest and best bidder at such public sale unless sold at a better price or yield basis within 30 days after failure to receive an acceptable bid at a duly advertised public sale, provided that at no time shall bonds or refunding bonds be sold or exchanged at less than par value except as specifically authorized by the Department of Education; and provided, further, that the district school board shall have the right to reject all bids and cause a new notice to be given in like manner inviting other bids for such bonds, or to sell all or any part of such bonds to the State Board of Education at a price and yield basis that shall not be less advantageous to the district school board than that represented by the highest and best bid received. In the marketing of the bonds, the district school board shall be entitled to have such assistance as can be rendered by the Division of Bond Finance, the Commissioner of Education, or any other public state officer or agency. In determining the highest and best bidder for bonds offered for sale, the net interest cost to the school board as shown in standard bond tables shall govern, provided that the determination of the district school board as to the highest and best bidder shall be final.

History.--s. 556, ch. 2002-387.

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