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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 ba 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 coun.cil 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 otthe sale at least once and not <br />less than 30 days before the sale. The notice shall contain a general <br />description o£the land sufficient to identity it, the tsrms of the sale, <br />and a reference te the author~zing resolution. After 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 hid <br />is rejected, the council may readvertise the property for sale. <br /> Co) Personal Property. -- When it is proposed to sell personal <br />property at public auction, the council shall at a regular council <br />meeting adopt a resolutien 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 set out the date, <br />time, place, and terms of the sale~ The resolution or order (or a <br />notice summarizing' its contents) shall be published at least once <br />and not less than 10 days before the date of the auction. {1971, c. <br />698, s. 1; 1973, c. 426, s. 43.) <br /> <br /> <br />