(a) Bids. The minimum acceptable bid shall be a sum equal to the fees against the boat or property, including interest and costs to be paid in cash at the time of sale or within 24 hours thereafter. The proceeds of such sale shall be first applied to the cost of sale, then to interest, then to fees accrued, and the balance, if any, shall be held in trust by the city for the former owner of the boat or property to claim. If such balance is not claimed within two years, the balance shall be paid to the State of Alaska if required by Alaska Statute; otherwise the balance shall be forfeited to the city. Upon sale being made, the city shall make and deliver its bill of sale, without warranty or any kind, conveying the boat or property to the buyer.
(b) No bids. If at the public sale there are no acceptable bids, the city may destroy, sell at a private sale, or otherwise dispose of the boat or property. Such disposition shall be without liability to the owner, master or managing agent, person In possession of the boat or property, or lien holder or creditor.
(Ord. 2011-05, passed 6-14-11)