(a) Personal property that is valued at less than $1,000 may be disposed of upon such notice and terms considered reasonable by the Mayor, taking into consideration the value of the article, the reason for disposal, and the general preference of disposal by competitive bid. The Mayor shall report disposals to the Council if so requested.
(b) Personal property valued at more than $1,000, by competitive bid, upon adoption of a resolution by the City Council setting forth the rules for disposal.