The sale, lease, exchange or option provided for in Section 107.01 shall be by contract after advertisement and receipt of competitive bids, except as otherwise provided herein.  Such contract shall be with the highest and best bidder after advertisement once a week for not less than three consecutive weeks in a newspaper of general circulation with the City and, at the option of the officer, board, or department having supervision or management of such property, in any other publication.  The City reserves the right to reject any and all bids and to re-advertise if the City determines that no submitted bid is acceptable or if it is in the best interest of the City to do so. 
(1978 Code 37.06)