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§ 160A-270. Public auction. <br /> (a) Heal Property. -- When it is proposed to soil real property at public <br />auction, the council shall first adopt a resolution authorizing the sale, <br />describing the property to be sold. specifying the date, time, place, and terms <br />of sale, and stating that any offer or bid must be accepted and confirmed by the <br />council before the sale will 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 publish a 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. After 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 thereafter. If the bid is rejected, the council may <br />readvertise theproperty for sale. <br /> {b) Personal Property. -- When it is proposed to sell personal property at <br />public auction, the council shall at a re~:ular council meeting adopt a resolution <br />or order authorizing an appropriate city official to dispose of the property at <br />public auction. The resolution or order shall identify the property tobe sold and <br />sot out the date, time, place, and terms of the sale. The resolution or order (or <br />a notice summarizing its contents~ shall be published at least once and not less <br />tha~ 10 days before the date of the auction. {1971, c. 698, s. 1; 1973, c. 426, s. <br />43.) <br /> <br /> <br />