(A)   (1)   It shall be the duty of the City Clerk to advertise the sale of the franchise as herein set out for a period of 10 days, by written or printed notice posted in 3 of the most conspicuous places in the city, and advertise the sale of the franchise once a week for 3 consecutive weeks in the county newspaper, so that the final publication shall appear not later than 2 days before the day on which the sale will occur and not sooner than some day during the week preceding the week in which the sale shall take place.
      (2)   The notice and newspaper advertisement shall state when the Clerk shall sell the franchise at public auction to the highest and best bidder, giving the time and place of sale. In the advertisement and notice, the right of the City Council to reject any and all bids shall be reserved. The newspaper publication shall describe the franchise to be sold and any special provisions. The Clerk shall sell the franchise in accordance with the notice and advertisement.
      (3)   The City Council may accept that bid which, in its judgment, is the highest and best. No bid shall be accepted of less than $50, which amount is fixed as the upset price for the franchise. The bidder to whom the franchise or privilege shall be awarded shall within 10 days after the acceptance of its bid by the City Council pay the amount of the bid to the Treasurer of the city.
   (B)   In case the successful bidder for the franchise shall fail within 30 days after its bid shall have been accepted to comply with the provisions of this subchapter, the Clerk shall again advertise the franchise for sale in the manner in which the first sale was made, and shall again sell the franchise in the manner and upon the same conditions and requirements as the original sale of the franchise was made, except that no sale shall be made to the bidder who had failed to perform the terms of the first sale.
(Prior Code KOC, § 450.1, passed 5-5-1975)