9-403. Sale of real property valued at more than one million five hundred thousand dollars; special election; sale at auction
A. Real property of a city or town, the value of which exceeds one million five hundred thousand dollars, shall not be sold unless first authorized by a special election called for the purpose of submitting to the voters of the city or town the question of selling or not selling the real property proposed for sale. The election shall be held within the corporate limits of the city or town on a date prescribed by section 16-204, and notice shall be given as provided in section 9-402.
B. The ballots shall contain a description of the property proposed for sale and the reason why the governing body desires the property sold. The description and reasons shall be printed in eight-point type and shall contain not more than one hundred words.
C. If a majority of the ballots cast is in favor of selling, then the governing body may sell the property at public auction, after giving the notice required in section 9-402, to the highest bidder for cash, reserving the right to reject any and all bids.
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