(1)
(a) Before holding an election under Subsection 10-7-15(1)(a)(ii), the municipal legislative body shall open to bid the sale or lease of the property mentioned in Section 10-7-15.
(b) The municipal legislative body shall publish notice of the bid process for the municipality, as a class A notice under Section 63G-30-102, for at least three consecutive weeks.
(c) The notice described in Subsection (1) shall:
(i) give a general description of the property to be sold or leased;
(ii) specify the time when sealed bids for the property, or for a lease on the property, will be received; and
(iii) specify the time when and the place where the bids will be opened.
(2)
(a) As used in this section and in Section 10-7-17, "responsible bidder" means an entity with a proven history of successful operation of an electrical generation and distribution system, or an equivalent proven history.
(b) Subject to Subsection (2)(c), a municipal legislative body may receive or refuse to receive any bid submitted for the sale or lease of the electrical works and plant.
(c) A municipal legislative body may not receive a bid unless the municipal legislative body determines that the bid is submitted by a responsible bidder.