RS 38:1596.10: Sale and delivery of certificates; use of proceeds

A. The certificates may be advertised for sale on sealed bids as provided by law. The governing authority may reject any and all bids received as a result of the advertisement. If no bids are received or if all bids are rejected, the certificates may be sold by private sale within sixty days after the date advertised for the reception of sealed bids at a price not less than the best bid which shall have been received, or the drainage district may contract to deliver the certificates to the contractor as hereinafter provided at a price not less than the best bid received at the advertised sale.

B. The funds derived from the sale of the certificates shall be expended solely in payment of the costs of improvements and shall not be drawn upon for any other purpose.