That the municipality shall solicit the submission of bids or proposals for purchase of the bonds authorized by the Bond Resolution, the same to be received upon a sealed competitive basis after advertisement by publication one time in a newspaper of general circulation in the municipality, not less than 10 days before the date set for the opening and consideration of such bids. Bids shall be evaluated as to net effective interest rates on the sums of money actually to be received by the municipality, and no bids at more than 6 per cent interest may be accepted. If no bids are received upon terms acceptable to the governing body and conforming to the published notice, bids may again be solicited in the same manner until a purchase bid is received upon terms acceptable to the governing body. [As added by Priv. Acts 1970, ch. 276, § 7]