(A) Estimated value, less than $100,000.
(1) If the excess property has an estimated value of $100,000 or less, the City Administrator may sell the same either upon direct negotiation, quotations, an auction or in the open market.
(2) If the agreement to sell is made upon quotations it shall be based, so far as possible, on at least two quotations which shall be kept on file for a period of at least one year after receipt thereof.
(B) Estimated value, over $100,000. If the excess property has an estimated value over $100,000, the Council shall order it sold upon sealed bids solicited by public notice as required by law.
(C) Receipts from sales of surplus property. All receipts from sales of surplus property under this section shall be placed in the fund from which the asset came.
(Prior Code, § 2.71) (Ord. 44, Third Series, effective 3-24-1988; Ord. 352, Third Series, effective 4-13-2017)