72 Pa. Stat. § 3963
Except as herein provided, whenever bonds are issued in accordance with the provisions of section two hereof, they shall be offered for sale at not less than par and accrued interest, and shall be sold by the Governor, the Auditor General, and the State Treasurer to the highest and best bidder or bidders, on such terms and conditions, and upon such open competitive bidding, as the Governor, the Auditor General, and the State Treasurer shall direct, after public advertisement in such manner and character, and at such times, as the Governor, the Auditor General, and the State Treasurer shall prescribe: Provided, however, That the Governor, the Auditor General, and the State Treasurer, upon such terms and under such conditions as they shall specify, may exchange bonds issued under the provisions of this act for outstanding callable bonds of "Series 'D' Loan of the Commonwealth of Pennsylvania," but the face value of the bonds so authorized to be exchanged shall not exceed the face value of the outstanding bonds to be refunded or retired. All bonds offered for exchange under the provisions of this act shall, after the issuance of new bonds and substitution therefor, be canceled and thereafter all payments of interest thereon shall cease.
Any portion of any bond issue so offered and not sold, subscribed for or exchanged, may be disposed of by private sale by the Governor, the Auditor General, and the State Treasurer, in such manner and at such prices, not less than par and accrued interest, as the Governor shall direct. No commission shall be allowed or paid for the sale or exchange of any bonds issued under the authority of this act.
72 P.S. § 3963