10-7-17. Opening of bids -- Amount to equal or exceed appraised value and amount
of outstanding indebtedness.
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) (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
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Last revised: Thursday, May 28, 2009