The City may sell the Debt when and in the manner the Council deems to be in the public interest, provided that the bonds shall not be sold for less than par. The Council shall give notice inviting sealed bids for the Debt in the manner the Council prescribes. If satisfactory bids are received, the Debt offered for sale shall be awarded to the lowest responsible bidder. If no bids are received or if the Council determines that the bids received are not satisfactory as to price or responsibility of the bidders, the Council may reject all bids received, if any, and either re-advertise or sell the Debt at a private sale.
SECTION HISTORY
Added by Ord. No. 177,051, Eff. 11-20-05.