85-9-625. Issuance of bonds -- details of sale. (1) If a bond issue is approved, the directors shall by resolution provide for the form and execution of the bonds and for issuance of all or any part of the bonds. The bonds may be sold at public or private sale as determined by the directors pursuant to 17-5-107. If the directors conduct a public sale, after adequate notice that sealed proposals will be received, the directors may award the purchase of all or a part of the issue to the best bidder or bidders and may sell at private sale any or all bonds not sold on bids.

(2) The bonds must be sold for a price that is not less than 97% of par or face value with accrued interest to date of delivery, and all bidders shall state the lowest rate of interest at which they will purchase the bonds. The board shall reserve the right to reject any and all bids and to sell the bonds at private sale.