Ark. Const. amend. 91, § 12

(a)(1) The bonds may be sold at a private sale or public sale and at terms as the commission determines to be reasonable and expedient. (2) The bonds may be sold at a price acceptable to the commission, and the price may include a discount or a premium. (b)(1) If the bonds are sold at a public sale, the commission shall provide notice of the offering of the bonds in a manner reasonably designed to notify the public finance industry that the offering is being made. (2) The commission shall set the terms and conditions of bidding, including the basis on which the winning bid will be selected. (c)(1) The commission may structure the sale of bonds utilizing financing techniques that are recommended by its professional advisors to take advantage of market conditions and obtain the most favorable interest rates consistent with the purposes of this amendment. (2) The commission may enter into ancillary agreements in connection with the sale of the bonds as necessary and advisable, including without limitation bond purchase agreements, remarketing agreements, letter of credit and reimbursement agreements, and bond insurance agreements.