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GS 160A-270 <br />§ 160A-270. Public auction. <br />Page 1 of 1 <br />n <br />(a) Real Property. -When it is proposed to sell real property at public auction, the <br />council shall first adopt a resolution authorizing the sale, describing the property to be sold, <br />specifying the date, time, place, and terms of sale, and stating that any offer or bid must be <br />accepted and confirmed by the council before the sale will be effective. The resolution may, but <br />need not, require the highest bidder at the sale to make a bid deposit in a specified amount. The <br />council shall then publish a notice of the sale at least once and not less than 30 days before the <br />sale. The notice shall contain a general description of the land sufficient to identify it, the terms <br />of the sale, and a reference to the authorizing resolution. After bids have been received, the <br />highest bid shall be reported to the council, and the council shall accept or reject it within 30 <br />days thereafter. If the bid is rejected, the council may readvertise the property for sale. <br />(b) Personal Property. -When it is proposed to sell personal property at public auction, <br />the council shall at a regular council meeting adopt a resolution or order authorizing an <br />appropriate city official to dispose of the property at public auction. The resolution or order shall <br />identify the property to be sold and set out the date, time, place, and terms of the sale. The <br />resolution or order (or a notice summarizing its contents) shall be published at least once and not <br />less than 10 days before the date of the auction. <br />(c) The council may conduct auctions of real or personal property electronically by <br />authorizing the establishment of an electronic auction procedure or by authorizing the use of <br />existing private or public electronic auction services. Notice of an electronic auction of property <br />shall identify, in addition to the information required in subsections (a) and (b) of this section, <br />the electronic address where information about the property to be sold can be found and the <br />electronic address where electronic bids may be posted. Notice may be published in a newspaper <br />having general circulation in the political subdivision or by electronic means, or both. A <br />decision to publish notice solely by electronic means for a particular auction or for all auctions <br />under this subsection shall be approved by the governing board of the political subdivision. <br />Except as provided in this subsection, all requirements of subsections (a) and (b) of this section <br />apply to electronic auctions. (1971, c. 698, s. 1; 1973, c. 426, s. 43; 2001-328, s. 5; 2005-227, <br />s. 4; 2006-264, s. 74.) <br />http://www.ncleg.net/EnactedLegislation/Statutes/HTMLBySection/Chapter_ 160A/GS_ 1... 8/ 11 /2009 <br />