Article 3. Issuance And Sale Of General Obligation Bonds of California Public Utilities Code >> Division 10. >> Part 2. >> Chapter 8. >> Article 3.
The district may by resolution at any time, or from time to
time, provide for the authorization and issuance of any bonds
authorized pursuant to this part and for the sale of the whole or any
Before making a sale of any of the bonds, notice shall be
given by publication once a week, for two weeks, in a newspaper of
general circulation in the district, if there is one, and no sale
shall be held prior to the expiration of 15 days from the first
publication of the notice. Copies of such advertisement may be
published in any newspaper or financial publication in the United
States and copies may be mailed to recognized investment dealers,
banks, investing institutions and statistical organizations, together
with any related material pertaining to the district and its bonds,
but no defect in any such additional publication or failure to mail
or failure of any person to receive copies of any such materials so
mailed shall affect the validity of the sale. The board may reject
any or all bids received if it determines that the bids are not
satisfactory as to price or as to the responsibility of the bidders.
If no bids are received or if the board rejects all bids received,
the board may either readvertise or sell the bonds at private sale,
provided, however, that if the bonds are sold at private sale, they
shall not be sold at a price lower than the highest bid, if any,
which was received at the public sale.
The published notice of sale shall describe the bonds and
set forth the terms and conditions of sale.