MI SB1054

Municipalities must sell authorized municipal securities at public sale, except securities under $500,000 may be sold at private sale as determined in the authorizing resolution.

Governing bodies must expressly state the method and reasons for choosing a private sale instead of a public sale in the resolution or ordinance authorizing the municipal security.

Municipalities conducting public sales must publish notice of sale at least 7 days before the sale in an English-language publication that regularly carries municipal securities notices.

Municipal securities sold at public sale must be awarded to the lowest cost bidder whose bid meets all specifications and requirements, unless all bids are rejected.

If bids are rejected at a public sale or no satisfactory bids received after two public offerings, the municipality may sell at private sale within 30 days at a price not less than the highest previous bid.