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.. ~/ f~ <br />_ ~ - ~/ <br />offers. The Director shall sell the property to the highest offeror, <br />and in no event shall the property be sold for less than three <br />fourths (3/4) of its determined fair mazket value. Prior to entering <br />into a contract to sell the property, the Director shall submit the <br />proposal to the Boazd of Control who shall, within ten (10) days, <br />meet and, upon review, shall either approve or reject the proposed <br />sale. In the event the Board rejects the proposed sale, it shall <br />publicly state its reasons for so doing. <br />(b) If an item of surplus property is determined to have a fair <br />mazket value in excess of $1,000.00, then its sale shall be provid- <br />ed for by an ordinance, which shall establish a commercially <br />reasonable method for soliciting offers for the purchase of the <br />property and which shall authorize its sale. " <br />SECTION 2: <br />allowed by law <br />PASSED: ~ ~~-~--(. <br />That this ordinance shall be in effect from and after the eazliest period <br />~~ ~~Tq/ <br />ATTEST: <br />__. ~/ <br />Bazbara L. Seman <br />Clerk of Council <br />APPROVED: y- 3~ 9/ <br />Mayor Edward J. Boy <br />~=~d <br />es D. mer <br />President of Council <br />First Reading: 3 ~ ~ ~ <br />Second Reading: 3 ~ y ~ <br />Third Reading: y a a <br />Committee: ~ ~.~~~ <br />2 <br />