(A) Property which is owned by the municipality and is determined to be surplus property may be sold through public auction. The Mayor or his or her designee shall conduct the public auction at which such property is to be sold to the highest bidder. An accurate description of each piece of property sold, the sale price, and the name and address of the bidder shall also be kept. The Mayor or his or her designee shall provide a copy of such report to the Municipal Secretary as soon as possible after the close of sale. A bill of sale of the property shall be executed by the municipality to the purchaser.
(B) In lieu of selling surplus property of the municipality, the Mayor may offer the property in trade for other property as he or she considers to be in the best interest of the municipality.