Section 53569 Of Article 9. Refunding Of Bonded Indebtedness Of Local Agencies From California Government Code >> Division 2. >> Title 5. >> Part 1. >> Chapter 3. >> Article 9.
53569
. Before selling any refunding bonds subject to the provisions
of this article, any local agency shall advertise such bonds for
sale at public sale and shall invite sealed bids therefor by
publication of a notice once at least 10 days before the date of such
public sale in a newspaper of general circulation circulated within
the boundaries of each local agency to be aided by the public project
to be financed by the issuance of such bonds; provided that, if an
issue of bonds is less than five hundred thousand dollars ($500,000),
a local agency is not required to advertise such bonds for public
sale or to accept bids thereon pursuant to this section. If one or
more satisfactory bids are received pursuant to such notice, such
bonds shall be awarded to the highest responsible bidder. If no bids
are received or if the local agency determines that the bids received
are not satisfactory as to price or responsibility of the bidders,
the local agency may reject all bids received, if any, and either
readvertise or sell such bonds at private sale.