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§ 160A-270. Public auction. <br /> (a) Real Property. -- When it is proposed to sell real property at <br />public auction, the council shall first adopt a resolution authorizing <br />the sale, describing the property to be sold, specifying the date, <br />time, place, and terms of sale, and stating that any offer or bid must <br />be accepted and confirmed by the coungil before the sale will be <br />effective. The resolution may, but need not, require the highest <br />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 <br />]ess than 30 days before the sale. The notice shall contain a general <br />description of the land sufficient to identify it, the terms of the sale, <br />and a reference to the authorizing resolution. ARer bids have been <br />received, the highest bid shall be reported to the council, and the <br />council shall accept or reject it within 30 days thereafter. If the bid <br />is rejectS, the council may readvertise the property for sale. <br /> (b) Pensonal Property. -- When it is proposed to sell personal <br />property at public auction, the council shall at a regular council <br />meeting adopt a resolution or order authorizing an appropriate city <br />official to dispose of the property at public auction. The resolution <br />or order shallidentify the property to be sold and sot out the date, <br />times place, and terms of the sale. The resolution or order (or a <br />notice summarizing its contents) shall be Published at lea.st once <br />and not le~s than 10 days before the date of the auction. (1971, c. <br />698, ~ 1; 1973, c. 426, ~ 43.) <br /> <br /> <br />