Items of property described in Section 212.01 that have an estimated value of more than one thousand dollars ($1,000) shall be sold to the highest and best bidder. In the event that no bids are received, the City shall have the option to retain the property, readvertise the property at a later date or dispose of the property by gift, contribution, transfer or any other manner deemed appropriate, the absence of bids being deemed sufficient proof that the items of property so advertised have no fair market value. (Ord. 26-75. Passed 3-17-75.)