Sec. 16-37. - Public auctions; sealed bids generally.

(a)

Authorized sales by real estate as provided by section 16-36 may be by public auction or by sealed bid. Public auctions of such real estate shall be held according to law.

(b)

The following procedure shall govern sales not at public auction:

(1)

The director of finance is authorized to receive bids from the prospective purchasers of such real estate. All such bids shall be enclosed in a letter addressed to the director of finance setting forth a description of the real estate by plat and lot, and the name and address of the owner of record prior to the purchase of the real estate by the city. The enclosed bid shall be submitted in a sealed envelope and shall be in letter form addressed to the city council.

(2)

The bid shall set forth the officer to purchase, the amount bid, a description of the real estate by plat and lot, and the name and address of the owner of record prior to the purchase of the real estate by the city.

(3)

The bid shall be accompanied by a certified check for ten percent of the amount bid.

(Rev. Ords. 1987, § 16-37)