The Board of Trustees is hereby empowered to authorize, by resolution,
the sale or lease of any real property or lesser interest therein which is
vested in the village and not required for public purposes for a suitable
or other valuable consideration as hereinafter set forth.
Conveyances may be authorized by public or private sale in accordance
with the following procedures:
A. A resolution proposing the public sale or other conveyance
by sealed bid or auction shall be authorized by a majority vote of the Board
of Trustees.
B. A proposed conveyance by private sale or other conveyance
shall be authorized by a majority vote of the Board of Trustees after submission
to the Board of Trustees of a report on the proposed conveyance by one or
more members of the Board of Trustees, appointed by the Mayor as a committee
for that purpose, and shall not be made for less than the fair market value
of the property or interest conveyed as specifically determined by a further
resolution of the Board of Trustees authorizing the conveyance.
Payment for the conveyance of any real property or interest therein
shall be made by certified check or bank check to the order of the village.
The village may accept a purchase money mortgage and note securing all or
part of the purchase price of real property or interest therein in accordance
with terms and conditions authorized in a resolution approved by majority
vote of the Board of Trustees.