All leases granted under sections 253.290 to 253.320 shall be entered into only upon the basis of competitive sealed bids. A sworn financial statement shall accompany each bid, and all contracts shall be let by the director of the department of natural resources at a regular meeting after public notice of the time of such letting. All bids submitted prior to the opening of the meeting shall be considered. Such advertisements for bids shall be made in daily or weekly newspapers of general circulation for three consecutive weeks as necessary to give notice by the director. The director shall accept the bid most favorable to the state from a responsible and reputable person but may, for good cause, reject any bid.