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'67 § 160A-268 CH. 16oA. errl~s AInu ~O~VNS § 160A-270 ('{ qq '~j ' § ]60A-268. Advertisement for sealed bids. The sale of prepert¥ by advertisement for seeied bids shah be done in the manner prescribed by' la~,' for the purchase of property, except that in the case of real proPerty the advertisement for bids shah be begun not less then 30 days before the date fixed for opening bibs. 11971, c. 698, m. 1.) C. § 160A-269. Negotiated offer, advertisement, and upset bids. a A city may receive, solicit, or negotiate an offer to purchase property and n advertise it for upset bids. When an offer is made and the cOuncil proposes to · Y accept it, the council shall require the offeror to deposit five percent (5%) of his ~.. ~' bid with the city clerk, and shall publish a notice of the offer. The notice shall 2 contain e !general description of the property, the amount and terms ofthe offer, and a notice that within 10 days any person ma)' raise the bid by not less than ~ ten percent (10%} of the first one thousand dollars ($1,000} and five percent · (5%1 of the remainder. When a bid is raised, the bidder shall deposit with the ~I city clerk five percent {5%) of the increased bid, and the clerk shall readvertise · - the offer at the increased bid. This procedure shall be repeated until no further I qualifying upset bids ere received, st which time the council may accept the r offer and sellthe property to the highest bidder. The council may at any time ; reject any and all offers, i1971, c. 691{, s. 1; 1979, 2nd Seas., c. 1247, s. 253 § 160A-270. Public auction. (a) Reel Property. -- When it is proposed to sell real property at public auction, the council shall first adopt a resolution authorizing the sale, describing the property to be sold, specifying the date, time, place, and terms of sale, and stating that an)' offer or bid must be accepted and confirmed by the council before the sale will be effective. The resolution may, but need not, require the highest bidder at the sale to make a bid deposit in a specified amount. The council shall then publish a notice of the sale at least once and not less than 30 days before the sale. The notice shall contain a general description of the ]and sufficient to identify it, the terms of the sale, and a reference to the authorizing resolution. After bids have been received, the highest bid shall be reported to the council, and the council shall accept or reject it within 30 days thereafter. If the bid is rejected, the council may readvertise theproperty for sale· (b) Personal Property. -- When it is proposed to sell personal property at public auction, the council shall at a regular council meeting adopt a resolution or order authorizing an appropriate city official to dispose of the property at public auction. The resolution or order shah identify the property to be sold and set out the date, time, place, and terms of the sale. The re~lution or order (or a notice summarizing its contents) shah be published at leaet once and not less than 10 days before the date of the auction. ¢1971, c. 698, s. 1; 1973, c. 426, s. 43.) CASE NOTES 349