§ 160A-270. Public auction.
§ 160A‑270. Publicauction.
(a) Real Property. Whenit is proposed to sell real property at public auction, the council shall firstadopt a resolution authorizing the sale, describing the property to be sold,specifying the date, time, place, and terms of sale, and stating that any offeror bid must be accepted and confirmed by the council before the sale will beeffective. The resolution may, but need not, require the highest bidder at thesale to make a bid deposit in a specified amount. The council shall thenpublish a notice of the sale at least once and not less than 30 days before thesale. The notice shall contain a general description of the land sufficient toidentify it, the terms of the sale, and a reference to the authorizingresolution. After bids have been received, the highest bid shall be reported tothe council, and the council shall accept or reject it within 30 daysthereafter. If the bid is rejected, the council may readvertise the propertyfor sale.
(b) Personal Property. When it is proposed to sell personal property at public auction, the councilshall at a regular council meeting adopt a resolution or order authorizing anappropriate city official to dispose of the property at public auction. Theresolution or order shall identify the property to be sold and set out thedate, time, place, and terms of the sale. The resolution or order (or a noticesummarizing its contents) shall be published at least once and not less than 10days before the date of the auction.
(c) The council may conductauctions of real or personal property electronically by authorizing theestablishment of an electronic auction procedure or by authorizing the use ofexisting private or public electronic auction services. Notice of an electronicauction of property shall identify, in addition to the information required insubsections (a) and (b) of this section, the electronic address whereinformation about the property to be sold can be found and the electronicaddress where electronic bids may be posted. Notice may be published in anewspaper having general circulation in the political subdivision or byelectronic means, or both. A decision to publish notice solely by electronicmeans for a particular auction or for all auctions under this subsection shallbe approved by the governing board of the political subdivision. Except asprovided in this subsection, all requirements of subsections (a) and (b) ofthis section apply to electronic auctions. (1971, c. 698, s. 1; 1973, c. 426, s. 43; 2001‑328,s. 5; 2005‑227, s. 4; 2006‑264, s. 74.)