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.