The bonds may be issued and sold for not less than their par value, but otherwise
as the board determines. Before selling any bonds, or any part thereof, the board shall give notice inviting
sealed bids in such manner as the board may prescribe. Such notice shall be published at least twice pursuant to a provision of Article
4 (commencing with Section 6060), Chapter 1, Division 7, Title 1 of the Government Code. 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 again give notice inviting bids or sell the bonds
at private sale.
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