Whenever such District sewer or sewers shall have been authorized, the said Board of Directors shall then proceed to employ a registered professional engineer licensed in the State of Oklahoma, and cause to be prepared profiles, plans and specifications for the work, together with a complete estimate of the cost. Upon the completion of such plans and specifications and their adoption by the said Board of Directors, they shall advertise for sealed bids for the performance of such work for at least ten (10) days, if published in a daily newspaper, or at least two (2) successive weeks if published in a weekly newspaper. In either case, such newspaper must be one of general circulation within the district and such notice may contain any reasonable conditions to be imposed by said Board of Directors with reference to the letting of such contracts and shall require the giving of a good and sufficient bond for the faithful execution of work and the performance of the contract and for the protection of the district and all property owners against any loss or damage by the negligent execution of such work. Such notice shall also advise all parties interested that they may appear and protest against such proposed improvement or any part thereof. At the time and place specified in the notice the Board of Directors shall award the contract to the lowest and best bidder for the work, which contract shall in no case exceed the aggregate estimate of cost submitted with the plans and specifications and shall be subject to the right of the Board of Directors to reject any and all bids and to readvertise for other bids, when none of the same is, in their judgment, satisfactory.