3-144i.   Same; contract; appraisers; resolution; conveyance.Before transferring and conveying any of said real estate, the governingbody may negotiate a contract or contracts for the sale or sales of suchreal estate or any portion, parcel or part thereof: Provided, however,Such real estate, or any portion, parcel or part thereof, to be sold bynegotiations shall first be appraised by three disinterested appraisers,residents of the county in which said real estate shall be located, to beappointed by the governing body of said city and the same may be sold bythe city for not less than seventy-five percent (75%) of the valuationdetermined by such appraisers. When any contract has been accepted and aresolution accepting the same made a part of the records of such governingbody, said city by its mayor and city clerk is hereby authorized to make,execute and deliver a good and sufficient deed or deeds of conveyance tothe purchaser or purchasers thereof.

      History:   L. 1963, ch. 11, § 2; March 23.