2-17-1204. Selecting lender for state building construction loan -- process. (1) Except as provided in subsections (2) and (3), when selecting a financial institution to be the lender for a state building construction loan, a public agency shall select the financial institution that is the lowest responsible bidder in terms of interest rate, without regard to residency.

(2) In the event the lowest bidder does not have a physical branch located in the state, the public agency shall:

(a) determine if the next lowest bidder has a physical branch located in the state; and

(b) if, when multiplying the low bid by 1.025, the next lowest bid is at or less than the bid of the lowest bidder, notify the next lowest bidder and give that bidder 2 business days to offer a bid of equal terms.

(3) If the next lowest bidder offers an equal bid, the public agency shall select that bidder as the lender of its state building construction loan.