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that record shall generally describe the property sold or exchanged, to whom it was sold, or with
<br />whom exchanged, and the amount of money or other consideration received for each sale or
<br />exchange.
<br />(d) A city may discard any personal property that: (i) is determined to have no value; (ii)
<br />remains unsold or unclaimed after the city has exhausted efforts to sell the property using any
<br />applicable procedure under this Article; or (iii) poses a potential threat to the public health or
<br />safety. (1971, c. 698, s. 1; 1973, c. 426, s. 42.1; 1983, c. 130, s. 1; c. 456; 1987, c. 692, s. 2; 1987
<br />(Reg. Sess., 1988), c. 1108, s. 9; 1997 -174, s. 6; 2001 -328, s. 4; 2005 -227, s. 3.)
<br />§ 160A -267. Private sale.
<br />When the council proposes to dispose of property by private sale, it shall at a regular council
<br />meeting adopt a resolution or order authorizing an appropriate city official to dispose of the
<br />property by private sale at a negotiated price. The resolution or order shall identify the property
<br />to be sold and may, but need not, specify a minimum price. A notice summarizing the contents of
<br />the resolution or order shall be published once after its adoption, and no sale shall be
<br />consummated thereunder until 10 days after its publication. (1971, c. 698, s. 1; 1979, 2nd Sess.,
<br />c. 1247, s. 24.)
<br />§ 160A -268. Advertisement for sealed bids.
<br />The sale of property by advertisement for sealed bids shall be done in the manner prescribed
<br />by law for the purchase of property, except that in the case of real property the advertisement for
<br />bids shall be begun not less than 30 days before the date fixed for opening bids. (1971, c. 698, s.
<br />1.)
<br />§ 160A -269. Negotiated offer, advertisement, and upset bids.
<br />A city may receive, solicit, or negotiate an offer to purchase property and advertise it for
<br />upset bids. When an offer is made and the council proposes to accept it, the council shall require
<br />the offeror to deposit five percent (5 %) of his bid with the city clerk, and shall publish a notice of
<br />the offer. The notice shall contain a general description of the property, the amount and terms of
<br />the offer, and a notice that within 10 days any person may raise the bid by not less than ten
<br />percent (10 %) of the first one thousand dollars ($1,000) and five percent (5 %) of the remainder.
<br />When a bid is raised, the bidder shall deposit with the city clerk five percent (5 %) of the
<br />increased bid, and the clerk shall readvertise the offer at the increased bid. This procedure shall
<br />be repeated until no further qualifying upset bids are received, at which time the council may
<br />accept the offer and sell the property to the highest bidder. The council may at any time reject
<br />any and all offers. (1971, c. 698, s. 1; 1979, 2nd Sess., c. 1247, s. 25.)
<br />§ 160A -270. Public auction.
<br />(a) Real Property. — When it is proposed to sell real property at public auction, the
<br />council shall first adopt a resolution authorizing the sale, describing the property to be sold,
<br />specifying the date, time, place, and terms of sale, and stating that any offer or bid must be
<br />accepted and confirmed by the council before the sale will be effective. The resolution may, but
<br />need not, require the highest bidder at the sale to make a bid deposit in a specified amount. The
<br />council shall then publish a notice of the sale at least once and not less than 30 days before the
<br />sale. The notice shall contain a general description of the land sufficient to identify it, the terms
<br />of the sale, and a reference to the authorizing resolution. After bids have been received, the
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