Section 53. Whenever there is to be an issue of bonds or notes of the commonwealth maturing at a time later than 3 years from their dates, excepting such bonds or notes as are to be issued for the investment of cash in any of the sinking or other established funds of the commonwealth, the state treasurer shall solicit bids for the purchase thereof, and shall provide reasonable notice to the public of such solicitations. The state treasurer may reserve the right to reject any or all bids. If no bid is accepted, the whole or any part of the loan may be awarded to any person. Compliance with this section may be waived with respect to an issue of bonds or notes upon the approval of the state finance and governance board established under section 97 of chapter 6.