A. Unclaimed or confiscated weapons which have been in the possession of the police department for one hundred twenty (120) days or more may be traded by the chief of police, with the approval of the city manager or his designee, for new weapons for use by the police department. The unclaimed or confiscated weapons may only be traded to such gun dealers who have complied with applicable state and federal regulations concerning firearms and, in the opinion of the chief of police and the city manager or his designee, are reputable.
B. In trading such unclaimed or confiscated weapons, the chief of police shall, with the approval of the city manager or his designee, advertise for bids for such trade. Such advertisement for bids shall be done in accordance with prevailing and established bid procedure as formulated by the purchasing entity of the city; however, in no case may the fair market value of the weapons received in such trade exceed two thousand five hundred dollars ($2,500.00), unless such trade is accomplished pursuant to formal bid procedure.
C. The value of such unclaimed and confiscated weapons as hereinabove discussed shall in all cases be determined by their fair market value of the new weapons received in such trade. (1985 Code)