At the time and place mentioned in the notice under Section
10-7-16, all bids received by the
municipal legislative body for the
property sought to be sold or leased shall be opened and considered, and the municipal legislative body shall, subject to approval of voters at an election held under Section
10-7-15, accept the bid of the highest responsible bidder, as defined in Section
10-7-16, if the bid price:
| (1) |
Terms Used In Utah Code 10-7-17
| (a) |
is for an amount equal to or exceeding the appraised value of the property to be sold, as determined under Subsection 10-7-15(1); or |
| (b) |
in the judgment of the municipal legislative body, is an adequate price for the property; and |
|
| (2) |
equals or exceeds the total principal and interest on any outstanding bonds and other indebtedness issued for the purpose of constructing the works or plant. |
Amended by Chapter 90, 2002 General Session
