Before selling any revenue bonds to be issued pursuant to this chapter, the council shall give notice inviting sealed bids in such manner as the council may prescribe. If satisfactory bids are received, the bonds offered for sale shall be awarded to the highest responsible bidder. If no bids are received or if the council determines that the bids received are not satisfactory, the council may reject all bids received, if any, and either readvertise or sell the bonds at private sale. The council may sell bonds at a price below the par or face value thereof, not to exceed, however, two percent of said par or face value. (Ord. 4952-NS § 4, 1976)