(1) A county authorized to sell general obligation bonds under this chapter may issue and sell a portion of the bonds in denominations of less than $5,000 by:
(a) competitive public sale, directly to members of the public, at preestablished interest rates; or
(b) private sale pursuant to 17-5-107.
(2) Bonds issued under 7-7-2212 through 7-7-2215 may be known as "citizen bonds".
(3) Citizen bonds may be issued for any purpose for which a county may issue general obligation bonds.
(4) An officer, employee, contracted financial consultant, or contracted adviser employed or retained by a county selling citizen bonds may not purchase those bonds.