(a) Offering for sale.--When bonds are issued under this chapter, they shall be offered for sale and shall be sold by the Governor, the Auditor General and State Treasurer to the highest and best bidder or bidders after due public advertisement, on such terms and conditions and upon such open competitive bidding as the Governor, the Auditor General and the State Treasurer shall direct. The manner and character of advertisement and the times of advertising shall be prescribed by the Governor, the Auditor General and the State Treasurer.

(b) Private sale.--Any portion of any bond issue offered under subsection (a) and not sold or subscribed for may be disposed of by private sale by the Governor, the Auditor General and the State Treasurer, in such manner and at such prices as the Governor shall direct.

(c) Series.--When bonds are issued from time to time, the bonds of each issue shall constitute a separate series to be designated by the issuing officials or may be combined for sale as one series with other general obligation bonds of the Commonwealth.