§4712.8. Disposition of property by the town of Vinton

A. The town of Vinton may sell, lease for a term of up to ninety-nine years, exchange, or otherwise dispose of, to or with other political corporations of this state, or private persons, at public or private sale, any property, or portions thereof, including immovable property.

B. Before disposition can be made of property under the provisions of this Section, an ordinance must be introduced, giving the reasons for the action on the part of the town governing authority, and fixing the minimum price and terms of the sale, lease, exchange, or other contract to be made with reference to the property. In instances of exchanges of town-owned immovable property valued at one hundred thousand dollars or more, the town, prior to introduction of the ordinance, shall for a minimum of three times in thirty days advertise for and receive other proposals for the exchange of property comparable with the exchange of properties proposed by the town; however, exchanges involved in the relocation of public streets, roads, highways, servitudes, rights-of-way, or public franchises shall not be subject to this requirement. Thereafter, notice of the proposed ordinance must be published three times in fifteen days, one week apart, in a newspaper published in the town or, if there is no such newspaper, in a newspaper having a general circulation in the town, and if there is no newspaper of general circulation in the town, by posting the notice in three public and conspicuous places in the town.

C. Any opposition to the proposed ordinance shall be made in writing and filed with the clerk or secretary of the town within fifteen days after posting of the notice or its first publication. If an opposition is filed, the governing authority shall not adopt the ordinance until a hearing has been held. If the ordinance is adopted, it shall not become effective until ten days after its passage, during which time any interested citizen may apply to the district court having jurisdiction of the town for an order restraining the disposition of the property. After the ordinance becomes effective, it cannot be contested for any reason.

Acts 2003, No. 649, §1, eff. June 27, 2003.