(A) Surplus personal property of a value of more than $500 and unclaimed personal property be sold at public auction conducted by a licensed auctioneer under the terms of sale as follows:
(1) For cash, cashier's check, certified check, or letters of credit.
(2) The personal property is sold to the highest bidder “as is, where is.”
(3) After an item is sold, it is the sole responsibility of the purchaser.
(4) Items may be paid for and claimed during or after the sale, but no item may be removed until complete settlement is made.
(5) Full settlement must be made on the day of the sale.
(6) Items may be inspected in accordance with provisions in the “Notice of Sale” published in accordance with state statutes.
(7) Right to reject any bids as stated in public notice.
(B) This section shall govern all sales of surplus personal property of a value of more than $500 and unclaimed personal property of the city.
(Res. 51-1974, approved 12-19-74)