§338.39.  Advertisement for bids; private sale

All bonds issued hereunder shall be advertised for sale on sealed bids, which advertisement shall be published at least once a week for three weeks, the first publication to be made at least twenty-one (21) days preceding the date fixed for the reception of bids.  Advertisement shall be in the official journal of the municipality and also in a financial paper published in the city of New York, the city of Chicago, or the city of New Orleans, or in a newspaper of general circulation published in a city of this State having a population of not less than 50,000 inhabitants, according to the last federal census.  The governing authority may reject any and all bids.  If the bonds are not sold pursuant to the advertisement they may be sold by the governing authority by private sale, within sixty 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.

Acts 1962, No. 300, §10; Redesignated from R.S. 33:2717.10 pursuant to Acts 2011, No. 248, §4.