5790.7. (a) Before selling the bonds, the board of directors shall give notice inviting sealed bids. At a minimum, the board of directors shall publish notice at least once in a newspaper of general circulation in the district at least 10 days before the deadline for receiving the bids.
(b) The board of directors shall award the sale of the bonds to the highest responsible bidder.
(c) If the board of directors does not receive any bids or if it determines that the bids received are not satisfactory as to price or responsibility of the bidders, the board of directors may reject all bids, if any, and either readvertise or sell the bonds at private sale.
(Added by Stats. 2001, Ch. 15, Sec. 4. Effective January 1, 2002.)
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