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Public notice shall be given by publication in the official newspaper once at least five (5) days prior <br />to the acquisition of any real property by the Board of Port Commissioners when the purchase <br />price to be paid by the Port equals or exceeds the sum of two thousand dollars ($2,000), unless <br />such acquisition is to be accomplished pursuant to the general laws of the State by condemnation <br />in eminent domain proceedings or unless such acquisition is necessary in connection with public <br />improvement proceedings accomplished pursuant to law. <br />Any sale or lease of property under the jurisdiction of the Board of Port Commissioners, shall be <br />accomplished in accordance with the following procedure: <br />(a) Public notice of any proposed sale of property shall be given at least once a week for two <br />weeks in a newspaper of general circulation . Such notice shall contain a <br />statement that any and all bids may be rejected and the property may be readvertised. <br />(b) Prior to the sale of any property, the City Assessor shall appraise the same and determine <br />the current market value thereof. With the approval of the Board of Port Commissioners, the City <br />Assessor may obtain the services of other qualified persons to assist in such appraisal. <br />(c) Every sale of property maybe made only to the highest responsible bidder at public auction <br />or upon sealed bids to said Board of Port Commissioners. In all instances where bids are received <br />any and all bids may be rejected and the property re -advertised or removed from the market. No <br />sale of any property shall be made for less than ninety percent (90%) of the appraised value <br />thereof. Every lease of property shall be made in accordance with the provisions of Section 48(a) <br />of this Charter. <br />(d) Any real property having an appraised value of two hundred fifty dollars ($250) or less may <br />be sold without public notice or public bid as required by this section; provided, however, that no <br />such property shall be sold for less than ninety percent (90%) of the appraised value thereof. Any <br />personal property having an appraised value of five thousand dollars ($5,000) or less may be <br />sold without public notice or public bid as required by this section; and, further, such property <br />may be sold for any reasonable amount irrespective of its appraised value. <br />(e) Any sale of real property having an appraised value of less than seventy-five thousand dollars <br />($75,000) shall be authorized only by resolution adopted by the affirmative vote of at least four- <br />fifths (4/5ths) of all members of the Board. Any such sale of real property having an appraised <br />value of seventy-five thousand dollars ($75,000) or more shall be authorized only by ordinance <br />of the Board of Port Commissioners adopted by the affirmative vote of at least four-fifths (4/5ths) <br />of all members of the Board. Any ordinance required hereunder shall be subject to the <br />referendum provisions of this Charter <br />(f) No property shall be exchanged for other property until an appraisal of all property included <br />in the exchange has been made by the City Assessor and the value of the property to be received <br />by the Port equals or exceeds the value of the property to be disposed of by the Port. (As amended <br />April 8, 1958, ratified by Legislature April 19, 1958.) (As amended April 11, 1978, certified by <br />ATTY/CHARTER AMENDMENTS/2018/2018 FINAL CHARTER AMENDMENTS <br />REV: 07-18-18 VR <br />Page 2 of 45 <br />