Whenever the Council shall determine that such sale shall be by oral bid at public auction, the auction may be held at such time and place as the Council shall specify in the Notice of Sale. No bid shall be considered unless such bidder shall, prior to the holding of the auction, deposit with the auctioneer or with another authorized person identified in the published notice at least ten percent (10%) of the amount specified in the Notice of Sale as the minimum price, or the sum of $10,000.00, whichever is less, in cash, cashier’s check or certified check as a guarantee that the person making such bid will purchase and pay for such property upon the terms and conditions specified in the Notice of Sale.
SECTION HISTORY
Based on Ord. No. 56,887.
Amended by: Ord. No. 92,757; Ord. No. 150,946, Eff. 7-17-78.