Section 4623.5 Of Article 3. Issuance Of Bonds From California Health And Safety Code >> Division 5. >> Part 3. >> Chapter 1. >> Article 3.
4623.5
. Before selling the bonds, or any part of the bonds, the
governing body shall give notice inviting sealed bids in such manner
and for such time as the governing body 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 governing body determines that the bids received are not
satisfactory as to price or responsibility of the bidders, the
governing body may reject all bids received, if any, and either
readvertise or sell the bonds at private sale.