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GS 160A-269 Page 1 of 1 <br />10 <br />§ 160A-269. Negotiated offer, advertisement, and upset bids. <br />A city may receive, solicit, or negotiate an offer to purchase property and advertise it for <br />upset bids. When an offer is made and the council proposes to accept it, the council shall require <br />the offeror to deposit five percent (5%) of his bid with the city clerk, and shall publish a notice <br />of the offer. The notice shall contain a general description of the property, the amount and terms <br />of the offer, and a notice that within 10 days any person may raise the bid by not less than ten <br />percent (10%) of the first one thousand dollars ($1,000) and five percent (5%) of the remainder. <br />When a bid is raised, the bidder shall deposit with the city clerk five percent (5%) of the <br />increased bid, and the clerk shall readvertise the offer at the increased bid. This procedure shall <br />be repeated until no further qualifying upset bids are received, at which time the council may <br />accept the offer and sell the property to the highest bidder. The council may at any time reject <br />any and all offers. (1971, c. 698, s. 1; 1979, 2nd Sess., c. 1247, s. 25.) <br />http://www.ncleg.net/EnactedLegislationlStatutes/HTMLIBySectionlChapter_160A/GS_1... 8/11 /2009 <br />