Bonds and notes having a maturity of more than one (1) year from date not sold at private sale pursuant to Section 177.04 or pursuant to the general laws of Ohio shall be advertised for sale and sold by the Director of Finance at public sale, as provided by law. The sale may be advertised in financial journals. Anyone desiring to do so may present a bid for such bonds based upon their bearing a different rate of interest from that fixed in the particular ordinance. However, where a fractional rate is bid, such fraction shall be one-eighth of one percent (0.125%) or multiples thereof. In case the Director accepts a bid based upon a rate of interest other than that fixed in the ordinance to issue bonds, such acceptance shall be subject to approval by resolution of Council, which resolution shall be certified to the County Auditor.
(Ord. No. 1748-80. Passed 10-8-80, eff. 10-8-80)