(A) A resolution authorizing such sale shall be passed by the Town Council.
(B) The Town Council shall have the property appraised by two disinterested appraisers.
(C) Sale of the property shall be published two times at least one week apart in both the Muncie Star and Muncie Press setting forth the legal description and common address, if any, of the property.
(D) The advertisements shall set forth that bids will be filed with the Town Manager accompanied with a bid bond of $100 to insure good faith performance.
(E) At a time fixed in the advertisement the Town Council will consider any offers received. All offers will be considered at a public meeting and the Town Council shall have the power to reject any and all bids.
(F) The advertisement shall set forth that in no event shall the property be sold for less than 90% of the average of the two appraisals.
(G) The advertisement shall set forth that the property shall be sold for cash to the highest bidder, with 10% to be paid at the time of awarding of bid and balance within 30 days.
(Ord. 243, passed 5-21-1985)