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procedure under this Article; or (iii) poses a potential threat to the public health or safety. (1971, c. 698,
<br />s. 1; 1973, c. 426, s. 42.1; 1983, c. 130, s. 1; c, 456; 1987, c. 692, s, 2; 1987 (Reg. Sess., 1988), c. 1108, s.
<br />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 property by
<br />private sale at a negotiated price. The resolution or order shall identify the property to be sold and may,
<br />but need not, specify a minimum price. A notice summarizing the contents of the resolution or order
<br />shall be published once after its adoption, and no sale shall be consummated thereunder until 10 days
<br />after its publication. (1971, c. 698, s. 1; 1979, 2nd Sess., 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 by law
<br />for the purchase of property, except that in the case of real property the advertisement for bids shall be
<br />begun not less than 30 days before the date fixed for opening bids. (1971, c. 698, s. 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 upset bids.
<br />When an offer is made and the council proposes to accept it, the council shall require the offeror to
<br />deposit five percent (5 %) of his bid with the city clerk, and shall publish a notice of the offer. The notice
<br />shall contain a general description of the property, the amount and terms of the offer, and a notice that
<br />within 10 days any person may raise the bid by not less than ten percent (10 %) of the first one thousand
<br />dollars ($1,000) and five percent (5 °1) of the remainder. When a bid is raised, the bidder shall deposit
<br />with the city clerk five percent (5 %) of the increased bid, and the clerk shall readvertise the offer at the
<br />increased bid. This procedure shall be repeated until no further qualifying upset bids are received, at
<br />which time the council may accept the offer and sell the property to the highest bidder. The council may
<br />at any time reject 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 council shall first
<br />adopt a resolution authorizing the sale, describing the property to be sold, specifying the date, time,
<br />place, and terms of sale, and stating that any offer or bid must be accepted and confirmed by the
<br />council before the sale will be effective. The resolution may, but need not, require the highest bidder at
<br />the sale to make a bid deposit in a specified amount. The council shall then publish a notice of the sale
<br />at least once and not less than 30 days before the sale. The notice shall contain a general description of
<br />the land sufficient to identify it, the terms of the sale, and a reference to the authorizing resolution.
<br />After bids have been received, the highest bid shall be reported to the council, and the council shall
<br />accept or reject it within 30 days thereafter. If the bid is rejected, the council may readvertise the
<br />property for sale.
<br />(b) Personal Property, — When it is proposed to sell personal property at public auction, the council
<br />shall at a regular council meeting adopt a resolution or order authorizing an appropriate city official to
<br />dispose of the property at public auction. The resolution or order shall identify the property to be sold
<br />and set out the date, time, place, and terms of the sale. The resolution or order (or a notice summarizing
<br />its contents) shall be published at least once and not less than 10 clays before the date of the auction.
<br />(c) The council may conduct auctions of real or personal property electronically by authorizing the
<br />establishment of an electronic auction procedure or by authorizing the use of existing private or public
<br />electronic auction services. Notice of an electronic auction of property shall identify, in addition to the
<br />information required in subsections (a) and (b) of this section, the electronic address where information
<br />about the.property to be sold can be found and the electronic address where electronic bids may be
<br />posted. Notice may be published in a newspaper having general circulation in the political subdivision or
<br />by electronic means, or both. A decision to publish notice solely by electronic means for a particular
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