If the interest of the city in any real property is being disposed of through public bidding, the Council in the resolution or ordinance authorizing the disposal shall set forth the terms and conditions of the disposal. The Council may reserve the right to reject any and all bids received if the highest bid is below the appraised value and costs of sale or is not made by a responsible bidder. The City Council shall approve any purchase agreement prior to its execution by the city. The approval of any disposal through public bidding authorizes the City Manager to take all steps and execute all instruments to complete the disposal.