AG 1998 12 21 - Laserfiche WebLink

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Advertisement for Sealed Bids: a. The same rules apply as in purchasing (G.S. 143- b. There is one modification for real property. An advertisement for sealed bids must be published in a newspaper having general circulation in the local government's area not less than 30 days before the date fixed for opening bids. (Publication must occur I 0 days before the bids are opened if only personal property is being sold) The advertisement should generally describe the property, tell where it can be examined and when and where the bids will be opened, state that a five percent (5%) bid deposit is required and will be retained if the successful bidder fails to consummate the contract, and reserve the boards' right to reject any and all bids. Bids must be opened in public and be recorded in the board's minutes. The award should be made to the highest bidder. Negotiated offer, advertisement and upset bids: a. The governing body may solicit or receive an offer to purchase property. b. The offeror must make a deposit of five percent (5%) of the amount offered to be considered by the unit. c. The offer must be advertised ten (I 0) days before the sale is consummated. The.advertisement should include a notice that within ten (10) days any person may raise the bid by not less than ten percent (10%) of the first one thousand dollars ($1,000.00) and five percent (5%) of the remainder. This additional bid is referred to as an "upset bid". d. If an upset bid is received, steps b. and c. must be repeated until no further bids are received. Public Auction: a. The governing body must pass a resolution authorizing the sale; describing the property to be sold; and specifying the date, time, place and terms of sale. b. Notice of the sale of real property must be published once at least 30 days before the sale. For personal property only, the notice must be