Real estate belonging to the City which has a fair market value of five hundred dollars ($500.00) or less, may be sold or leased when so directed by the Board of Control and pursuant to an ordinance of Council setting forth the following:
   (a)   A description of the real property to be sold or leased;
   (b)   A finding that the property is no longer needed for any municipal purpose;
   (c)   The reason for selling or leasing the property;
   (d)   The kind of conveyance or lease to be given by the City; and
   (e)   The consideration to be paid therefor.
   When the sale or lease is so authorized, the Mayor, without further proceedings, shall execute a deed or lease to the purchaser or lessee of the property, provided that the purchaser or lessee shall have first been approved on motion of Council adopted by a majority vote of the members elected thereto.
(Ord. 70-68.  Passed 9-16-68.)