9-403. Sale of real property valued at more than
five hundred thousand dollars; special election; sale at
auction
A. Real property of a city or town, the value of which exceeds 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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