(A) Purpose. This policy establishes the procedures for the disposition of property, other than real estate, which is surplus to the needs of the town. For purposes hereof, SURPLUS is defined to mean any tangible, personal property owned by the town that is not needed at present or in the foreseeable future or that is no longer of value or use to the town.
(B) Responsibility for administration. The town’s Clerk-Treasurer is responsible for the administration of this policy. The town’s Clerk-Treasurer shall coordinate the disposition of surplus property and shall aid the Board of Trustees in determining the best method of disposal. All departments of the town shall cooperate with the town’s Clerk-Treasurer to ensure the most efficient and beneficial disposition of surplus property.
(C) Determination of value. A department wishing to dispose of a single item of surplus property or a group of similarly situated items shall make and estimate the reasonable market value in “as is, where is” condition. If the department responsible for the property cannot make such an estimate, the town’s Clerk-Treasurer shall determine the reasonable market value.
(D) Property with an estimated value less than $5,000.
(1) If property is declared as surplus property by the Board of Trustees and the estimated value is less than $5,000, the town’s Clerk-Treasurer may dispose of the property by any one of the following manners:
(a) Public auction;
(b) Solicitation of written bids;
(c) Negotiated sale to one or more designated buyers; or
(d) Utilization of the state’s Department of Central Services programs.
(2) Any sales consummated pursuant to this division (D) must bring a minimum of 75% of the estimated market value as determined by division (C) above. If efforts by the town’s Clerk-Treasurer to sell such item of personal property are unsuccessful, the town’s Clerk-Treasurer shall reevaluate the estimation of fair market value, and such property shall be sold pursuant to division (E) below.
(E) Property with an estimated value of $5,000 or more.
(1) If property is declared as surplus property by the Board of Trustees and the estimated value is $5,000 or more, the town’s Clerk-Treasurer shall make a recommendation concerning the manner in which such surplus property is sold.
(2) After considering such recommendations, the Board of Trustees shall direct the town’s Clerk-Treasurer on how to proceed with the sale, utilizing one or more of the following:
(a) Public auction;
(b) Solicitation of written bids;
(c) Negotiated sale to one or more designated buyers; or
(d) Utilization of the state’s Department of Central Services programs.
(3) Before finalizing any sale pursuant to this division (E), the town’s Clerk-Treasurer shall bring the highest and best bid to the Board of Trustees for approval. Any sale accomplished through this division (E) shall bring a minimum of 75% of the estimated fair market value.
(Res. passed 8-20-2012)