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<br />Ordinance No. 2004fi1 <br />Page 2 <br />the fair market value of the item of property. If the Director determines that the item of property <br />has a fair market value of less than One Thousand Five Hundred ($1,500) Dollars, then the <br />Director may solicit offers to purchase the property employing any commercially reasonable <br />method for soliciting offers, including but not limited to listings upon electronic auction <br />websites, such as 'eBay,' or the Director may dispose of the property at a public auction. <br />(1) If the Director elects to solicit offers for the property, the Director shall sell the <br />property to the highest offeror, and in no event shall the property be sold for less than <br />three-fourths of its determined fair market value. Prior to entering into a contract to sell <br />the property, the Director shall submit the proposal to the Boazd of Control who shall, <br />within ten days, meet and, upon review, either approve or reject the proposed sale. In the <br />event the Board rejects the proposed sale, it shall publicly state its reasons for so doing. <br />(2) If the Director elects to dispose of the property at a public auction, the Director shall <br />first obtain the approval of the Board of Control prior to disposing of the property by this <br />method. <br />(3) If the Director elects to dispose of the property at an electronic auction website, <br />the Director s6all first obtain the approval of the Board of Control prior to <br />disposing of the property by this method. <br />(b) If an item of surplus property is determined to have a fair market value in excess <br />of one thousand five hundred dollars ($1,540), then Council shall designate, by ordinance, a <br />commercially reasonable method for soliciting offers for the purchase of the property, including <br />but not 1'united to listings upon electronic auction websites, such as 'eBay,' and authorize the <br />sale of the surplus property by that method." <br />SECTION 2: That this Ordinance shall take effect and be in force on and after the <br />earliest peri provided for by law. <br />? <br />PASSED: Xkq <br />First Reading: W 6 / 6`y _ <br />Second Reading: d o O <br />Third Reading: _ .3 / q 0? _ <br />Committee: -4 <br />A <br />BARBARA L. SE <br />Clerk of Council <br />APPROYED: 5-- S' 4 <br />i/Y?.s•? 1 .?.«•e <br />? <br />NORMAN T. MUSIAL <br />Mayor <br />';;t? <br />_ <br />THOMAS E. O 'GRADY <br />President of Council <br />APPROVED AS TO FORM.• <br />s/James M. Dubelko <br />JAMESM. DUBELKO <br />Director of Law <br />