When the Town Meeting approves any sale or lease of Town property or when Town Meeting approval is not required as provided in this ordinance, the Selectmen shall advertise such property for public bids, which notice shall contain a minimum sales or lease price that will be accepted by the Town, the term of the lease in the case of a rental of Town property and any terms imposed on the sale or lease by the Town Meeting and Board of Selectmen. At the date and time specified in the notice, the bids shall be opened and the award made to one of the three highest bidders, provided that such bid is in accordance with the conditions specified in the notice.