18-72 New 155.02 & 155.07 - disposition of real estate

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At the time and pla~e specified tn the notice of sale the officer directed to conduct the public sale shall receive sealed bids from any person, corporation, firm or other association desiring to submit a bid and shall at that time and place publicly open and read such bids. The officer receiving such bids shall report to the Council the bids so received and the Council shall determine by motion made and duly adopted whether to accept the highest bid or to reject all bids and either readvertise for new bids or determine not to sell such real estate or interests therein. Section 155.04 Unless otherwise provided in the ordinance authorizing sale of the real estate or interest therein provided for in Section 155.02, each bid submitted pursuant to Section 155.03 must contain the full name of each person, corporation, firm or other association interested in such bid and shall be accompanied by a sufficient bid bond issued by a compensated corporate issuer licensed to write such bond by the State of Ohio, or a certified, cashier's or bank official's check on a solvent bank, as bid security, in an amount equal to 10 percent of the bid or such larger percentage as is specified in the ordinance enacted pursuant to Section 155.02, that if the bid is accepted, such bidder will accept title to such real estate or interests therein and make payment of the purchase price specified in its bid, all in accord- ance with Sections 155.02 to 155.07 inclusive, the advertisement for sale and any specifications or conditions of bidding mentioned in such advertisement for sale. Section 155.05 Whenever there is reason to believe there is collusion or combination among any bidders for purchase of real estate or interests therein pursuant to Sections 155.02 to 155.07 inclusive, then the'bids of those concerned therein shall be rejected. Section 155.06 That the Council may approve and establish as conditions of the bidding specifications or conditions of bidding concerning the sale of the real estate, including such conditions or other .restrictions as it may feel necessary in order to properly protect the interests of the City and its residents in such real estate or interests therein and in the event that it shall approve such specifications or conditions, the bidding procedure established pursuant to Section 155.03 above shall be carried out in accordance with those specifications. Section 155,07 That nothing contained in Sections 155.02 to 155.06 is intended to prevent the Council by ordinance from establishing with respect to particular real estate or interests therein a different procedure for the sale or disposition of that real estate or interests therein. Section 2. This ordinance is hereby declared to be an emergency measure necessary for the immediate preservation of the public peace, health and safety in the City and for the further reason that no procedure now exists for disposition of surplus real estate or interests therein of the City which could cause monetary loss to the City by being unable to dispose of real estate or interests therein; wherefore, providing this ordinance receives the affirmative vote of two'thirds of all members elected to Council, it shall take effect and be in force i~aediately q~n its adoption and approval by the Mayor.