The City of Fort Worth may take, hold and purchase such personal property, chattels, animate and inanimate, lands and real property as may be needed for the corporate purposes of said city, whether in or out of the corporate limits of the city, and may sell, lease, alienate, exchange or encumber any real estate or personal property owned or acquired by it; provided, however, that no sale shall be made of any public property owned by said city whose value exceeds one hundred twenty-five thousand dollars ($125,000.00), without first making such intention known by means of publication in the official newspaper of the city at least once and by posting and maintaining notice online for four (4) consecutive weeks immediately preceding the intended date of sale, during which time it shall be lawful for qualified voters, who shall not be fewer than ten (10) percent of the number of voters who voted in the most recent municipal election for mayor to petition the City Council for a referendum, in which event the matter of such sale shall be referred to the people at an election to be held for that purpose, at the time and in the way and manner to be prescribed by the City Council of said city, and in the event a majority of the votes cast at such election is in favor of such proposition, then the sale shall be made; otherwise, such sale shall not take place.
(Ord. 16797, § 1(X), 1-24-2006, approved 5-13-2006; Ord. 25328-02-2022, § 2, 2-8-2022, approved 5-7-2022)