The board of appraisers shall appraise all the property of the district and make a report of the appraisal to the board of directors. A copy of the report must be filed by the secretary of the district with the department of water resources. The board of directors shall advertise for sale all the property of the district and publish a notice once each week for two consecutive weeks specifying that sealed bids will be received, opened, and considered by the board at the time and place specified in the notice, and describing the property. At the time and place designated in the notice, or as soon after the time as the board can meet, the board shall open and consider all bids received for the purchase of the property, and the board may reject bids which do not, in the judgment of the board, offer a fair and just consideration.