SECTIONS 35995-35998.1

35995.  The board shall provide ways and means for the sale ofbonds.35996.  (a) The bonds, or any part thereof, may be issued and soldas the board determines. (b) Before selling the bonds, or any part thereof, the board maygive notice inviting sealed bids in such manner as the board mayprescribe. If satisfactory bids are received, the bonds offered forsale shall be awarded to the highest responsible bidder. If no bidsare received, or if the board determines that the bids received arenot satisfactory as to price or responsibility of the bidders, theboard may reject all bids received, if any, and either readvertise orsell the bonds at private sale. (c) In the alternative, the board may, if it determines that to doso would produce a lower interest cost on the bonds, sell bonds at aprivate sale without first advertising for bids.35997.  Except as otherwise provided in Section 36170, a districtshall not sell or exchange any of its bonds for less than par valueplus the accrued interest thereon.35998.  When any bonds are sold by the district, the treasurer shalldeliver the bonds purchased to the purchaser upon receiving thepurchase price of said bonds plus the accrued interest on said bondsand the premium, if any, bid by the purchaser.35998.1.  The accrued interest and premium, if any, shall be placedin the general obligation bond fund. The purchase price of said bondsshall be placed in the proper improvement fund and appliedexclusively to the purposes for which said bonds were voted. Whensaid purposes have been accomplished any moneys remaining in saidimprovement fund shall be transferred to the general obligation bondfund and when all principal of and interest on said bonds has beenpaid, the balance of money then remaining in the general obligationbond fund shall be transferred to the general fund.