California Public Resources Code 5308 – The bonds or any number issued shall be sold to the highest bidder, …
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The bonds or any number issued shall be sold to the highest bidder, after advertised notice for sealed proposals. No bid of less than par value shall be accepted, nor shall any bonds be sold during any one year in excess of the actual expenditures incurred in that year.
(Added by Stats. 1939, Ch. 94.)