Capital outlay notes that mature not later than the third fiscal year after the fiscal year in which the notes are issued may be sold in such manner either at a competitive public sale or at a private negotiated sale as the governing body of the local government may direct. Capital outlay notes issued solely for the acquisition of a fee simple absolute interest in land to the seller of such land or such seller’s designee and that are issued for a period not to exceed the end of the tenth fiscal year following the fiscal year in which the notes were issued may be sold by private negotiated sale. Capital outlay notes issued for a period greater than the end of the third fiscal year following the fiscal year in which the notes were issued, but not greater than the end of the twelfth fiscal year following the fiscal year in which the notes were issued with a principal amount not in excess of five million dollars ($5,000,000) must be sold at competitive public sale or by the informal bid process described in § 9-21-609. Capital outlay notes issued for a period greater than the end of the third fiscal year following the fiscal year in which the notes were issued, but not greater than the end of the twelfth fiscal year following the fiscal year in which the notes were issued with a principal amount in excess of five million dollars ($5,000,000) must be sold at competitive public sale. For purposes of this part, a competitive public sale must be undertaken in the same manner as a competitive public sale is undertaken for general obligation bonds under part 2 of this chapter; provided, however, that if the principal amount of capital outlay notes to be sold is not greater than five million dollars ($5,000,000) then the notice of sale may be published solely in a newspaper having general circulation in the local government.