Section 43793 Of Article 4. Investment Bond Act Of 1909 From California Government Code >> Division 4. >> Title 4. >> Chapter 4. >> Article 4.

. A proposal shall not be accepted unless the sale price is less than par and accrued interest. If no proposals are received, or if those received are rejected or are insufficient to exhaust the money available for the redemption of bonds, the legislative body shall call in numerical order such outstanding bonds as can be redeemed from the money available for that purpose.