Before selling the bonds, or any part thereof, the board shall give notice inviting sealed bids in such manner as it may prescribe. If satisfactory bids are received, the bonds offered for sale shall be awarded to the highest responsible bidder. If no bids are received, or if the board determines that the bids received are not satisfactory as to price or responsibility of the bidders, it may reject all bids received, if any, and either readvertise or sell the bonds at private sale.
Cal. Water Code § 71970
Sale of Bonds and Use of Proceeds
Known as the Municipal Water District Law
The act spans §§ 71000–73001 (528 sections).
Added by Stats. 1963, Ch. 156.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.