Notice of Sale
The notice published by an issuer to advertise an upcoming sale of bonds in a competitive sale.
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Competitive Bid / Sale
A method of selling Bonds in which one or more Underwriters submit proposals for the purchase of the Bonds. The Bonds are awarded to the Underwriter submitting the best bid, determined by the method specified in the Notice of Sale.
See Also
In Contrast With
Negotiated Sale
The sale of a new issue of bonds by an issuer through an exclusive agreement with an underwriter or underwriting syndicate selected by the issuer.
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Hundreds of Terms and Concepts
120% Rule
Rule outlined in Section 147(b) of the code that states private activity bonds are not tax-exempt bonds if the weighted average maturity of the bond issue exceeds 120% of the average reasonably expected economic useful life of the facilities financed with the bond proceeds.