Upon receiving the notification from the board, commission or officer, it shall be the duty of the Treasurer to offer the stocks, bonds or other securities for sale, either at public auction or at private sale. The Treasurer shall, within five days prior to the making of the sale, publish a notice of the sale once in the official newspaper of the City and County. If the sale is to be at public auction, the notice shall contain the time and place of the sale. If at private sale, the notice shall contain the time and place when bids or offers for the stocks, bonds or other securities will be received. If the sale is made at public auction, the Treasurer shall sell the stocks, bonds or other securities to the highest and best bidder therefor. If sold at private sale, the Treasurer shall accept the highest bid or offer received therefor; provided, that no bid shall be accepted in an amount lower than the amount specified by the board, commission or officer requesting the sale.
It is provided, however, that when stocks, bonds or securities are listed on an established stock or bond exchange, no notice of sale need be given and sale may be made through any bank or broker, through any recognized stock exchange; and also provided, that such stocks, bonds or securities are not sold below the price fixed by the board, commission or officer requesting such sale.
(Ord. No. 2754(1939), Sec. 3)