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§ 160A-269. Negotiated offer, advertisement, and <br /> upset bids. <br /> A city may receive, solicit, or negotiate an offer to purchase prop- <br />erty and advertise it for upset bids. When an offer is made and the <br />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 <br />publish a notice of the offer. The notice shall contain a general <br />description of the property, the amount and terms of the offer, and a <br />notice that within 10 days any person may raise the bid by not less <br />than ten percent (10%) of the first one thousand dollars ($1,000) <br />and five percent (5%) of the remainder. When a bid is raised, the <br />bidder shall deposit with the city clerk five percent (5%) of the <br />increased bid, and the clerk shall readvertise the offer at the in- <br />creased bid. This procedure shall be repeated until no further quali- <br />fying upset bids are received, at which time the council may accept <br />the offer and sell the property to the highest bidder. The council <br />may at any time reject any and a11 offers. (1971, c. 698, s. 1; 1979, <br />2ndSess., c. 1247, s. 25.) <br /> <br /> <br />