Laserfiche WebLink
§ 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 offer or to deposit five percent (5 %) of his bid with the city clerk, and shall publish a notice <br />of the offer. The notice shall contain a general description of the property, the amount and terms <br />of 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 re- advertise 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 />F -6 <br />Attachment number 3 <br />Page 108 <br />