§ 21-03-28 — Bids - Accompanied by draft - Sale to best bidder - Rejection of all bids

All bids must be accompanied by a certified check, cashier's check, surety bond, or bank
draft, in the amount of not less than one percent of the bid. After all bids have been received,
they must be delivered forthwith to the governing body of the municipality, which shall award the
sale of such bonds to the bidder who agrees to purchase them upon the terms most favorable to
the municipality, unless the governing body determines to reject all bids. The governing body
has the right to reject any and all bids. If no bids are received or if all bids received are rejected,
the governing body may, without readvertising the bonds for sale, negotiate the sale of all of the
bonds to any person upon terms complying with those specified in the notice of sale theretofore
published, and if bids were rejected, more favorable to the municipality than those specified in a
rejected bid. No sale may be for less than ninety-eight percent of the par value of such bonds
plus the interest accrued on the bonds to the date of the delivery thereof.