§ 5.17. Sale of City Property.

Before the City of Terrell makes any sale or contract for the sale of any property belonging to the City of Terrell, except utilities, in the form of personal property, having an estimated value of one thousand dollars ($1,000.00) or less, opportunity shall be given for open competition under such rules and regulations as the city council may prescribe.

In the sale of property valued at more than one thousand dollars ($1,000.00) the property shall be advertised for sale and bids in the local newspaper. The contract of sale shall be awarded to the highest responsible bidder, either at auction or upon sealed bids, after such public notice and competition as may be prescribed, and upon such other terms and conditions not inconsistent with expressed provisions of law and of this charter, as the city council may order; provided the city council shall have the power to reject any and all bids and advertise again. These same procedures shall be used whenever the City of Terrell acts as transfer agent. Sale of land shall be in accordance with provisions of V.T.C.A., Local Government Code §§ 253.008 and 272.001.