(1) Any sale, lease, grant, exchange, or other disposition of any property under the provisions of this subchapter shall be made only after advertising the disposition in a newspaper in which legal advertisements are published for the county in which the land or other facilities to be disposed of lie, one (1) time a week for four (4) weeks.
(2) In the event the property to be sold lies in more than one (1) county, the advertisement shall be run one (1) time a week for four (4) weeks in the newspaper in which legal advertisements are published for each county.
(3) All state property required to be advertised under this subchapter shall also be advertised in two (2) additional newspapers of general circulation in this state.
(4) The advertisements shall describe the property, state the manner of disposition to be made, specify the time and place of the disposition, and state any other requirements stipulated by the disposing instrumentality of government, including an award to the highest responsible bidder, subject to the provisions of subsection (f) of this section.
(5) All sales and other dispositions under the provisions of this subchapter shall be made under the terms of the advertisement for cash sale, rental, or lease consideration.
(6) The selling or disposing authority shall have the right to reject all bids in the event the high bid shall prove unsatisfactory for any reason. The property shall then be readvertised and disposed of pursuant to this section.