57-232. SALE OF BONDS — DEFINITION OF PRIVATE SALE. Whenever the term "private sale" appears in reference to the sale of bonds, notes or other obligations of any public entity of the state of Idaho, the term "private sale" means the sale of bonds, notes or other obligations pursuant to a written contract, and not to the award of sealed or electronic bids submitted at public sale. "Written contract" means a written contract between the issuer of the bonds, notes or other obligations, as seller, and the purchaser, which contract shall specify the principal amounts, maturities, interest rates, redemption provisions, if any, and other relevant terms of the sale.
History:
[57-232, added 2001, ch. 264, sec. 5, p. 970.]
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