Series 7: 3.3.1.2 Competitive Bid Authorization (GO Bonds)

3.3.1.2  Competitive Bid Authorization (GO Bonds)

The authorization process for GO bonds starts with the issuer preparing the preliminary materials and presenting them to its governing body for a decision. If the governing body approves the proposal, it will authorize the issue by signing a bond resolution. Drafted by the bond counsel, the bond resolution describes the project, its estimated cost, and the financing plan. It also lays out the issuer’s duties to the bondholder, and it pledges the full faith an