[Amended 11-25-2024 by L.L. No. 5-2024]
No legislative ordinance shall be adopted by the Council on the same day on which it is introduced except by unanimous consent of those members present, and no appropriation of money shall be made for any purpose except by a resolution passed by a majority of the members of the Council, specifying the amount thereof and the department or specific purpose for which the appropriation is made. No ordinance shall be passed making or authorizing a sale or lease of City real estate or of any franchise belonging to or under the control of the City except by a majority vote of all the members of the Common Council. In case of a proposed sale of City real estate, the said sale and/or sales shall be under the direction of the Department of Law, and the Department of Law shall give public notice of such sale, such notice to be published once each week for two weeks in the official newspaper, and such notice shall specify the date and place of each parcel of land to be sold and the manner and terms of sale, and said notice shall specify that said sale shall be open to all persons. There shall be paid at the time of the sale by any purchaser a sum equal to 10% of the bid price, and if the purchaser shall neglect to carry out the terms of the sale and/or complete the purchase, he/she shall forfeit said deposit money which shall be deemed security given by him/her for the purpose of carrying out the agreement, which said deposit money and/or security money shall be considered forfeited and shall be retained by the City as and for liquidated damages. In case of failure on the part of any purchaser to complete the purchase, the sale shall be held open as to such parcel or parcels of land and may be again offered for sale by the City without any notice of any kind to the person who made a prior bid and failed to complete the purchase. Said notice above referred to shall also provide that the City shall have the right to reject any and all bids for any reason whatsoever, and if such bid is rejected, the deposit money and/or security money shall be returned to said bidder. A sale or lease of real estate or a franchise shall not be valid or take effect unless made as aforesaid. No franchise shall be granted or be operated for a period longer than 25 years. The Common Council may, however, grant to the owner or lessee of an existing franchise, under which operations are being actually carried on, such additional rights or extensions in the street or streets in which the said franchise exists, upon such terms as the interests of the City may require with or without advertisement, as the Common Council may determine. The Department of Law is hereby authorized to prepare all necessary documents, deed and/or deeds required in the premises, and the said deed and/or deeds shall be of a kind and shall contain such conditions, covenants, restrictions and/or agreements as, in the discretion of the Department of Law, shall be deemed fit and proper in order to protect the City's interest.