§ 160A-269. Negotiated offer, advertisement, and upset bids. - North Carolina Statutes

§ 160A‑269. Negotiated offer, advertisement, and upset bids.

A city may receive, solicit, or negotiate an offer to purchase propertyand advertise it for upset bids. When an offer is made and the council proposesto accept it, the council shall require the offeror to deposit five percent(5%) of his bid with the city clerk, and shall publish a notice of the offer.The notice shall contain a general description of the property, the amount andterms of the offer, and a notice that within 10 days any person may raise thebid by not less than ten percent (10%) of the first one thousand dollars($1,000) and five percent (5%) of the remainder. When a bid is raised, thebidder shall deposit with the city clerk five percent (5%) of the increasedbid, and the clerk shall readvertise the offer at the increased bid. Thisprocedure shall be repeated until no further qualifying upset bids arereceived, at which time the council may accept the offer and sell the propertyto the highest bidder. The council may at any time reject any and all offers. (1971, c. 698, s. 1; 1979, 2nd Sess., c. 1247, s. 25.)