In the sale of personal property valued at more than fifteen thousand dollars ($15,000.00), the property shall be advertised for sale and bids in the local newspaper. The contract of sale shall be awarded to the highest responsible bidder, either at auction or upon sealed bids, after such public notice and competition as may be prescribed, and upon such other terms and conditions not inconsistent with express provisions of law and of this Charter, as the City Council may order; provided the City Council shall have the power to reject any and all bids and advertise again. These same procedures shall be used whenever the City of Longview acts as transfer agent. Sale or exchange of real property shall be in accordance with the provisions of V.T.C.A., Local Government Code, Chapter 272, as amended, and as otherwise specified by state law. Sale of park land shall be in accordance with the provisions of V.T.C.A., Chapter 253, Local Government Code, as amended, and as otherwise specified by state law.