Sale and delivery of certificates; use of proceeds

The certificates may be advertised for sale on sealed bids once a week for three consecutive weeks in the official journal of the sewerage district provided, however, the governing authority may reject any and all bids. If no bids are received or if all bids are rejected, the certificates may be sold by private sale within sixty days after the date advertised for the reception of sealed bids at a price not less than the best bid which shall have been received, or the sewerage district may contract to deliver the certificates to the contractor as hereinafter provided at a price not less than the best bid received at the advertised sale. The governing authority of the sewerage district issuing the certificates, may, by resolution, authorize the chief executive officer, and the clerk or secretary to negotiate and deliver the certificates and collect the purchase price therefor and do any and all things necessary and incidental thereto, or authorize the delivery to the contractor of all or any of the certificates in payment of their contractual obligation covering the improvements. The funds derived from the sale of the certificates shall be expended solely in payment of the costs of the improvements, and shall not be drawn upon for any other purpose.