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§ 160A-270, Public auction, <br /> (a) Real Property -: When it is proposed te sell real property at public <br />aaetion, the council shall first adopt a~ges01tition.authorizing the ~sale, <br />describing the property to be sold,.spocifyihg tho date, tlmei i~lace, and terms <br />0fsale, and stat ng that any offer or bid mast be ~Ccepted and'confirmed by the <br />council beC'ore the sale w l.be effective. Tlie re~olution m~y~ but-n~ed not, <br />require the hi'ghOst b dder at the sale to make a bid d~posit in a specified <br />a~aunt:' The counc I sha i then 'pablisli a n~t~e.of th~ ~a[e at least auto and <br />not'le~s titan' 30 day~ be~or~ ~the sale. The notice shall ~ontain a general <br />description of the land s~iffi~ient to identify it~ the te~ms of,the sala, and a <br />reference t0'the a'uth0r z ng resolution. 'After bids have beefi received, the <br />highest bid shall be reported to the council, and the council shall ~/eeept or <br />reject it ~within 30~days thereafter. If the bid is rejected, the eotmeil may <br />readvertise theproperty for sale. <br /> ~h)"Pers~nal Property. -- When it is p~o~osed to gall personal property et <br />public auct on; the council shall at a ie~ulai' c6dh~:il meeting ad°Pt a ?esolution <br />~r ofder'fifi~h0rizing an.'appropriate c~ty 6ffiCial. to di~p6ge of t~e property at <br />publi~ auction. The resolution or o~'der ~hall identify the ~fbl~'ertY to'be sold and <br />set out the date, time, place.~arid terms Of th~ sale. The~ i-esolutioa or order (or <br />a notice summarizing its content~} shall be published at least once and r/at less <br />than 10 days before the date of the auction. (1971, C 698, s. 1; 1973, c. 426, s. <br />43.) <br /> <br /> <br />