10-7-17 - Opening of bids -- Amount to equal or exceed appraised value and amount of outstanding indebtedness. - Utah Statutes

10-7-17. Opening of bids -- Amount to equal or exceed appraised value and amountof outstanding indebtedness.
At the time and place mentioned in the notice under Section 10-7-16, all bids received bythe municipal legislative body for the property sought to be sold or leased shall be opened andconsidered, and the municipal legislative body shall, subject to approval of voters at an electionheld under Section 10-7-15, accept the bid of the highest responsible bidder, as defined inSection 10-7-16, if the bid price:
(1) (a) is for an amount equal to or exceeding the appraised value of the property to besold, 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 otherindebtedness issued for the purpose of constructing the works or plant.

Amended by Chapter 90, 2002 General Session