Section 105205 Of Article 1. Authorization And Issuance Of General Obligation Bonds From California Public Utilities Code >> Division 10. >> Part 16. >> Chapter 6. >> Article 1.
105205
. The bonds may be sold as the board determines by resolution
but for not less than par. Before selling the bonds or any part
thereof, the board shall give notice inviting sealed bids in a manner
as it 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 board determines that the bids
received are not satisfactory as to price or responsibility of the
bidders, the board may reject all bids received, if any, and either
readvertise or sell the bonds at private sale.