(1) Bonds at any time sold under the provisions of this subchapter shall be on the basis of public sale on sealed bids, after notice published by the Chair of the Arkansas Natural Resources Commission for at least one (1) insertion not less than twenty (20) days before the date of sale in a newspaper published in the City of Little Rock and in a financial newspaper or journal published in the Borough of Manhattan, City and State of New York.
(2) The Arkansas Natural Resources Commission shall award the sale, if any, to the bidder offering to purchase the bonds at a price which results in the lowest net interest cost to the State of Arkansas as determined by computing the total interest cost from date to maturity and deducting therefrom any premium bid and adding thereto the amount of any discount bid.
(3) The commission shall reserve the right to reject all bids.
(4) The notice shall contain any other terms and provisions as the commission determines to be desirable.
(5) If the commission determines that such action is desirable, the commission may employ fiscal agents and legal counsel and may pay them reasonable compensation out of the proceeds of the bonds.