Section 141.112 - Bonds; discount; sale price; interest; competitive or negotiated sale; notice; publication(1) Bonds issued under this act may be sold at a discount but may not be sold at a price that would make the interest cost on the money borrowed after deducting any premium or adding any discount exceed 10% per annum or the maximum rate permitted by the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821, whichever is greater, and may bear a stated rate of interest or no rate of interest.(2) A public corporation may sell bonds at a competitive sale or a negotiated sale as determined in the authorizing ordinance. If a public corporation determines to sell a bond at a negotiated sale, the governing body shall expressly state the method and reasons for choosing a negotiated sale instead of a competitive sale in the resolution or ordinance authorizing the issuance or sale of the bonds.(3) Bonds sold at a competitive sale shall not be sold until notice by publication at least 7 days before the sale in a publication printed in the English language and circulated in this state that carries as a part of its regular service notices of the sale of municipal bonds.(4) A public corporation shall award a bond sold at a competitive sale to the bidder whose bid meets all specifications and requirements and results in the lowest interest cost to the public corporation, unless all bids are rejected.(5) A public corporation may accept bids for the purchase of a bond made in person, by mail, by facsimile, by electronic means, or by any other means authorized by the public corporation.1933, Act 94, Imd. Eff. 5/26/1933 ;--Am. 1941, Act 210, Imd. Eff. 6/16/1941 ;--Am. 1943, Act 219, Imd. Eff. 4/20/1943 ;--Am. 1946, 1st Ex. Sess., Act 23, Eff. 6/7/1946 ;--Am. 1947, Act 204, Imd. Eff. 6/13/1947 ;--CL 1948, 141.112 ;--Am. 1949, Act 244, Eff. 9/23/1949 ;--Am. 1968, Act 68, Imd. Eff. 5/28/1968 ;--Am. 1973, Act 40, Imd. Eff. 6/29/1973 ;--Am. 1974, Act 27, Imd. Eff. 2/26/1974 ;--Am. 1978, Act 216, Imd. Eff. 6/5/1978 ;--Am. 1982, Act 485, Imd. Eff. 12/30/1982 ;--Am. 1983, Act 76, Imd. Eff. 6/6/1983 ;--Am. 1985, Act 26, Imd. Eff. 5/31/1985 ;--Am. 2002, Act 465, Imd. Eff. 6/21/2002.