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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Bond Counsel Opinion
A written opinion of nationally recognized bond counsel, delivered to the issuer at the closing, addressing the validity of the bonds and whether and to what extent interest on the bonds is exempt from federal income taxes and from income or other taxes, if any, imposed by the state.