[HISTORY: Adopted by Common Council of City of North Tonawanda 2-12-1940.]
Whenever the Common Council shall determine, 3/4 of its members voting in favor thereof, to sell or lease any piece or parcel of real estate belonging to or under the control of the city, they shall direct the City Treasurer to advertise and publish a notice of the same.
The City Treasurer when so directed shall publish a complete description of the real property for sale or lease, together with the date of sale and the terms thereof, in the official papers or paper of the city at least once a week for three successive weeks immediately preceding the said date of sale.
In a case of a sale, the terms thereof shall be cash, where-upon 10% of the purchase price shall be paid at the time and place of sale, or if not for cash, upon such other terms as the Common Council shall prescribe. In case of a lease, the rental shall be payable monthly in advance and the first month's rent shall be paid at the time and place of sale.
The City Treasurer shall attend upon the date and at the place of sale or leasing, and sell or lease the real estate at public auction to the highest bidder; he shall give his receipt for the down payment of the purchase price or the first month's rent, and he shall communicate the sale price or rental to the said Common Council at the next regular session thereof.
The Common Council reserves the right to reject any and all bids. No such sale or lease of real estate shall become effective unless made as herein provided and subsequently approved by resolution of the Common Council and also the Mayor.