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;7 § 160A-268 eli. 16OA. CITIES ANDTC'wNS
<br /> :'§ 160A-2as.:'~dvertisement for Sealed bidSl
<br /> The sale of property by advertisement for sealed bids shall be done in the
<br /> manner prescribed by'la~,' for the purchase of property, eg~pt that in the ease
<br /> · ' o£realpropertytheadvertisementforbidssha]]bebegunnotlessthan3Odays
<br /> before the date fixed for opening bids. 11971,
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<br /> s § 160A-269. Negotiated offer,: advertisement, and upset
<br /> bids. , ,;..., ." !~i~.~ ,'~ ': .:~,:~
<br /> A city ma3' receive, sbhc~t, or negotiate an offer to purchase property and
<br /> n ":" advertise it for upset bids. When an offer is made and the ~ouncil propos~ to
<br /> v accept it, the council shall require the offeror to deposit five percent ($%) of his
<br /> ' bid with the city clerk, and shah publish a notice of the offer. The notice shall
<br /> ;J contain a gener~} descriptinn of the property, the amount and terms ortho offer,
<br /> and a notice that within 10 days anv person ma)' raise the bid by not less than
<br /> - ten percent (10.~} of the first'one fhousand dollars ~$1,000) and {lye percent
<br /> r tS~) of the remainder. When a bid is raised, the bidder shall deposit with the
<br /> ; city clerk five percent I$~ ) of the increased bid, and the clerk shall readvertise
<br /> the offer at the increased bid. This procedure shall be repeated until no further
<br /> t qualifying upset bids are received, at which time the council may accept the
<br /> offer and scl/the property to lhe highest bidder. The council may at an)' time
<br /> reject any and all rulers. 11971, c. 698, s. 1; 19~9, 2nd 8ess., c. 1247, s. 25.)
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<br /> § 160A-270. Public auction.
<br /> (al Rea] Property. -- When it is proposed to sell rea] 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 wi~ll bo effective. The resolution ma)', but need not,
<br /> require the highest bidder at the sale to make a bid deposit in a specified
<br /> amount. The council shah then publish a notice of thc sa]eat ]east once and
<br /> not less than 30 dam, s before the sale. The notice shall contain a general
<br /> description of the la~d 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 /> Ih) Personal Property. -- When it is proposed to sell personal propert.v at
<br /> public auction, the council shall at a regular 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 to be sold end
<br /> set 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 /> than 10 days before the date of the auction. 11971, c. 698, s. 1; 1973, c. 426, s.
<br /> 43.l
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