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3 . That the City Clerk be and she is hereby authorized <br /> and directed to advertise the hereinafter described surplus real <br /> property for sale to the general public in accordance with <br /> Section 3-I/2 of the Charter of the City of Redwood City. Said <br /> sale shall be conducted in accordance with the bid documents and <br /> the following terms : <br /> (a) Sealed bids, upon noticed call therefor, shall be <br /> received for said real property until the date and time fixed by <br /> the City Clerk and set out in the notice of sale, and, at the time <br /> and date fixed, the City Manager shall open the bids received <br /> pursuant to advertisement therefor, and. determine the highest bid <br /> received for said real property; <br /> (b) The bids received shall be submitted to this Council at <br /> its next succeeding regular legislative meeting, or at such other <br /> time not in excess of 30 days from the date of opening of the bids , <br /> as the City Manager may determine; <br /> (c) At said meeting, prior to the time of award or rejection <br /> of bids, the City Council may conduct a public auction of said real <br /> property, using the highest acceptable bid received (or 90 per cent <br /> of the appraised value of said real property, whichever is greater) <br /> as the minimum bid. In the event such auction is conducted, oral <br /> auction bids shall be received, provided that each such bid shall <br /> be at least One Hundred Dollars ($1.00.00) higher than the minimum <br /> or immediatel_y preceding auction bid; <br /> (d) No sealed bid or aucti-�n bid submitted may be withdrawn <br /> pending award or rejection of the bids . In the event award is made <br /> on an oral auction bid, such bid shall be confirmed by the bidder <br /> in writing at the time of award using a written bid form provided <br /> therefor, and such bid shall be accompanied by cash, cashier ' s <br /> -- 2 _.. <br />