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9 <br /> Attachment#3 <br /> 16DA-269. hlegotisted offer, sdvertis.ernent, 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, thecouncil shall <br /> require the offeror to deposit five percent (51%) of hi s bid with the city clerk, and shal l pub]ish a <br /> notice of the offer. The notice shall contain a genicral description of the property, the an-Lowit <br /> and terms of the offer, and a notice that Within 19 days any person may raise the bid by not less <br /> than Icit percent (10%) of the first one thousand dollars ($1,000) and fire percent (5'1/�) of the <br /> rein. Indcr. When a bid is raised, the bidder shall deposit with the city clerk fire percent (50/0) of <br /> the increased bid, and the clerk shall readvertise the offer at the increased bid. This procedure <br /> shall be repeated until no further qualif}2ng upset bids are received_ at which time the council <br /> may accept the offer and sell the property to the highest bidder. The council may at any time <br /> reject any and all offers.. (1971, c. 698, s. 1; 1979, 2nd Sess., c: 1247, s_ .) <br />