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Sale of bonds - 32 Pa. Cons. Stat. § 7508

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     § 7508.  Sale of bonds.
        (a)  Public sale.--Whenever bonds are issued, they shall be
     offered for sale at not less than 98% of the principal amount
     and accrued interest and shall be sold by the issuing officials
     to the highest and best bidder or bidders after due public
     advertisement on such terms and conditions and upon such open
     competitive bidding as the issuing officials shall direct. The
     manner and character of the advertisement and the time of
     advertising shall be prescribed by the issuing officials.
        (b)  Private sale.--Any portion of any bond issue so offered
     and not sold or subscribed for may be disposed of by private
     sale by the issuing officials in such manner and at such prices,
     not less than 98% of the principal amount and accrued interest,
     as the Governor shall direct. No commission shall be allowed or
     paid for the sale of any bonds issued under the authority of
     this chapter.
        (c)  Bond series.--When bonds are issued from time to time,
     the bonds of each issue shall constitute a separate series to be
     designated by the issuing officials or may be combined for sale
     as one series with other general obligation bonds of the
     Commonwealth.
        (d)  Temporary bonds.--Until permanent bonds can be prepared,
     the issuing officials may in their discretion issue in lieu of
     permanent bonds temporary bonds in such form and with such
     privileges as to registration and exchange for permanent bonds
     as may be determined by the issuing officials.
        (e)  Disposition and use of proceeds.--The proceeds realized
     from the sale of bonds and notes, except funding bonds,
     refunding bonds and renewal notes, under the provisions of this
     chapter shall be paid into a special fund in the State Treasury
     to be known as the "Water Facilities Loan Fund" and are
     specifically dedicated to the purposes of the referendum of
     November 3, 1981 as implemented by this chapter. The proceeds
     shall be paid by the State Treasurer periodically to those
     departments, agencies or authorities authorized to expend them
     at such times and in such amounts as may be necessary to satisfy
     the funding needs of the department, agency or authority. The
     proceeds of the sale of funding bonds, refunding bonds and
     renewal notes shall be paid to the State Treasurer and applied
     to the payment of principal of, the accrued interest and
     premium, if any, and costs of redemption of the bonds and notes
     for which such obligations shall have been issued.
        (f)  Investment of funds.--Pending their application to the
     purposes authorized, moneys held or deposited by the State
     Treasurer may be invested or reinvested as are other funds in
     the custody of the State Treasurer in the manner provided by
     law. All earnings received from the investment or deposit of
     such funds shall be paid into the State Treasury to the credit
     of the Water Facilities Loan Redemption Fund.
        (g)  Registration of bonds.--The Auditor General shall
     prepare the necessary registry book to be kept in the office of
     the duly authorized loan and transfer agent of the Commonwealth
     for the registration of any bonds, at the request of owners
     thereof, according to the terms and conditions of issue directed
     by the issuing officials.
        (h)  Expenses of preparation for issue and sale of bonds and
     notes.--There is hereby appropriated to the State Treasurer from
     the proceeds of the bonds and notes issued as much money as may
     be necessary for all costs and expenses in connection with the
     issue of and sale and registration of the bonds and notes in
     connection with this chapter.

Last modified: November 27, 2007