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5 <br /> Attachment#2 <br /> 169A-269. Negotis ted offer, advertisement, nod 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 <br /> require the offeror to deposit five percent (S%) of his bid with the city clerk, and sha]I pub]ish a <br /> notice of the offer_ The notice shall contain a general description of the property, the amount <br /> and teems of the offer, and a notice that Within 10 days any person m ay raise the bid by not less <br /> than ten percent (10%) of the first one. thou sand dollars ($1,000) and five percent (W%) of the <br /> remainder. When a bid Is raised, the bidder shall deposit with the city clerk five percent (5%) 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 qualifying 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 tin-Le. <br /> rej ect any and all offers. (1971, c_ 699, s. 1; 1979, 2nd Sess., c. 1247, s_ 25) <br />