Sec. 4. (a) This section applies when notice is given under section 3 of this chapter for a public sale.
(b) The treasurer of the state educational institution:
(1) shall cause each person furnishing the information required under section 3(c) of this chapter to be notified of the date and time bids will be received at least twenty-four (24) hours before the date and time;
(2) shall give the notification under subdivision (1):
(A) by telephone at the number furnished by the person; and
(B) by telex if the person furnishes a telex number; and
(3) may not receive bids for more than ninety (90) days after the first publication of the notice of intent to sell bonds.