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All bonds issued hereunder shall be advertised for sale on sealed bids, which advertisement shall be published once a week for three-weeks, the first publication to be made at least 21 days preceding the date fixed for the reception of bids, in a newspaper of general circulation in the city. Notice of sale shall also be published once a week for three weeks preceding the date fixed for the reception of bids in a financial paper published in the City of New York and such other cities as may be deemed advisable. The City Commission may reject any and all bids. If the bonds are not sold pursuant to the advertisements, they may be sold by the City Commission at private sale within 60 days after the date advertised for the reception of sealed bids, but no private sale shall be made at a price less than the highest bid which shall have been received. If not so sold, the bonds shall be readvertised in the manner herein prescribed. No bonds issued hereunder shall be sold for less than 95% of the par value and accrued interest.
(Special Acts, Ch. 57-1754, § 166; Ch. 63-1826, § 16) ('58 Code, § 45.102)