§ 160A-271. Exchange of property. - North Carolina Statutes

§ 160A‑271. Exchange of property.

A city may exchange any real or personal property belonging to the cityfor other real or personal property by private negotiation if the city receivesa full and fair consideration in exchange for its property. A city may alsoexchange facilities of a city‑owned enterprise for like facilitieslocated within or outside the corporate limits. Property shall be exchangedonly pursuant to a resolution authorizing the exchange adopted at a regularmeeting of the council upon 10 days' public notice. Notice shall be given bypublication describing the properties to be exchanged, stating the value of theproperties and other consideration changing hands, and announcing the council'sintent to authorize the exchange at its next regular meeting. (1971, c. 698, s. 1; 1973, c. 426, s. 42.1.)