§ 52-2. Procedures for sale.

Latest version.

Conveyances may be authorized by public or private sale in accordance with the following procedures:

A.
A resolution proposing the public sale or other conveyance by sealed bid or auction shall be authorized by a majority vote of the Board of Trustees.

B.
A proposed conveyance by private sale or other conveyance shall be authorized by a majority vote of the Board of Trustees after submission to the Board of Trustees of a report on the proposed conveyance by one or more members of the Board of Trustees, appointed by the Mayor as a committee for that purpose, and shall not be made for less than the fair market value of the property or interest conveyed as specifically determined by a further resolution of the Board of Trustees authorizing the conveyance.

                    
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