On all revenue bonds issued pursuant to the provisions of Sections 29-3-151 through 29-3-183 and hereafter sold, the trustees shall advertise them for sale on sealed bids for at least two (2) times in a newspaper within the county in which the bonds are to be sold, the first publication to be made at least ten (10) days preceding the date fixed for the reception of bids, such notice to give the time and place of sale. The procedure further demands that each bid shall be accompanied by a cashier’s check, certified check, or exchange payable to the authority, issued or certified by a bank located in the state in the amount of not less than two percent (2%) of the par value of the bonds offered for sale, as a guaranty that the bidder will carry out his contract and purchase the bonds if the bid is accepted. If the successful bidder fails to purchase the bonds pursuant to his bid and contract, the amount of such good faith check shall be retained by the authority and covered into the proper fund as liquidated damages for such failure.
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