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§ 160A-270, Public auction, <br />ia) Rea Property. -- When it is proposed to sell real property at public <br />auction, the council shall first adopt a resolution authorizing the sale, <br />describing the property to be sold. speci£y/ng the date, time, place, and terms <br />ofsale and stating that any offer or bid must be accepted and confirmed by the <br />council before /he sa e wi be effective. The resolution may, but need not, <br />require the highest bidder at the sale to make a bid deposit in a specified <br />amount. The council shall then pub sha notice of the .sale at least once and <br />not less 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, and a <br />reference to the authorizing resolution. Alter bids have been received, the <br />highest bid shall be reported to the council, and the council shall accept or <br />reject it within 30 days thereaRer. If the bid is rejected, the council may <br />readvertiso theProperty for sale. <br />(b) Personal Property -- When it is proposed to sell personal property at <br />ublic auction the council shall at a regular council meeting adopt a resolution <br />P '' ...... t <br />or order authorizing an appropriate city official to d~spose of tt~e property a <br />public auction. The resolution or order shall identify the property to be sold and <br />set out the date, time, place, and terms of the sale. The resolution ot order (or <br />a notice summarizing its contents1 shall be published at least once and not less <br />than I0 days before the date of the auction. IlgTl., c. 6/)8, s. 1; lg73, c. 425, s <br />43.) <br /> <br /> <br />