Section 17247 Of Article 3. Reimbursement And Refunding Warrants From California Government Code >> Division 4. >> Title 2. >> Part 4. >> Chapter 2. >> Article 3.

. The notice of public sale shall specify the amount of warrants to be sold, and the minimum amount for which the Controller will consider bids, and shall invite sealed bids for the purchase of the warrants. The notice shall state that no bid will be accepted that is less than the face value of the warrants bid for, and that the warrants will be awarded to the persons making the best bids as determined by the Controller, considering the interest rate and premium offered, if any.