N.J. Admin. Code § 5:30-2.9

Current through Register Vol. 57, No. 1, January 6, 2025

Section 5:30-2.9 - Submission of electronic proposals for sale of bonds

(a) Local units (including municipalities, counties, authorities, and fire districts) planning to issue bonds may receive proposals for the competitive or negotiated sale of such bonds through an open or closed electronic auction managed by a nationally recognized electronic securities bidding service. For the purposes of this section, a closed auction includes the submission of electronically sealed bids that are opened at a set time and an open auction is where bidders submit bids against each other in real time.

(b) Requirements that bidders be members of the National Association of Security Dealers, have a business relationship with the Depository Trust Corporation, or require participation in a similar financial industry-based program shall not be construed as limiting competition.

New Rule, R.2004 d.18, effective 1/5/2004.
See: 35 New Jersey Register 4634(a), 36 New Jersey Register 170(b).

Amended by 55 N.J.R. 1690(a), effective 8/7/2023