The comptroller may, in his discretion, invite competitive bids for the purchase of local improvement bonds issued in anticipation of the collection of special assessments. Such bids shall be solicited by advertisement in a daily newspaper of the city inserted at least one week prior to the time fixed for opening the same. The bonds shall be sold to the bidder making the highest and best bid for the same, provided, that they shall not be sold below the par value thereof and accrued interest. The comptroller shall report to the city council the particulars regarding each sale of special assessment bonds so sold.
(Prior code § 7-54)