Whenever bonds are issued, as provided by this act, they shall be offered for sale at not less than par, and interest, and shall be sold by the Governor, the Auditor General, and the 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, with the approval of the Auditor General or the State Treasurer, shall direct. The manner and character of such advertisement and the times of advertising shall be prescribed by the Governor, with the approval of the Auditor General or the State Treasurer.

Any portion of any bond issue so offered 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 not less than par, and accrued interest, as the said officers shall determine. No commission shall be allowed or paid for the sale of any bonds issued under the authority of this act.