A public issue of bonds approved by the board of directors (and shareholders if necessary) can be sold when:

		the registration statement has been filed with the SEC and the syndicate is set.
		the investment banker's have accepted the offer for sale and have held it for 20 days from announcement.
		the registration statement has been filed with the SEC, accepted, and the 20 day waiting period has elapsed.
		the role of the trustee has been determined and an indenture ahs been written and signed.
		None of the above.