At the time designated in such notice, or as soon thereafter as such board can meet, it shall open and consider all bids received for the purchase of the property and it shall have the power to reject any and all bids for such property which are not in the judgment of the board a fair and just consideration for the property. After bids are thus rejected by the board, it may by private negotiations with any person, persons or corporation, sell and convey, by deed executed by such board, all of the property, for part cash and part in deferred payments, bearing the same interest as the bonded indebtedness of such district; and in case the district has no bonded indebtedness, the interest upon such deferred payments shall be such as may be agreed upon by the board and the purchaser, not exceeding the rate allowed by law.