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38 | Page <br /> <br />device security. When assigning an estimated value, 2 signatures are required, including 1 of each <br />director. <br /> <br />Disposal of property is offered to the general public with the intent of receiving proceeds for its sale. <br />Confiscated or recovered property will be sold by some type of public offering. The following methods <br />may be used for disposing of property: <br /> <br />For purposes of this policy, the estimated value of surplus property is the estimated price at which <br />the property would likely sell in the applicable market, less the estimated costs of sale. <br />There are three aspects to any disposal of a City asset: <br /> <br />1. Terms of Sale Approval <br />The sale itself must be approved, either by the City Manager or his/her designee (sales up to <br />$50,000) or by the City Council (sales over $50,000). <br /> <br />2. Proper Municipal Sale Contract <br />Just as with purchasing, making a sale is considered entering into a contract. After the Council <br />has declared the property as surplus, estimated its value, and approved its disposal, the City <br />Manager (or his/her designee) is authorized to dispose of the property using one of the <br />following methods: <br /> <br />Permitted Methods of Disposition <br />Depending upon the value and type of surplus property, the possible methods of disposition <br />include: <br />1. Public Auctions or Sales – This may include an auction by the City, a general sale <br />offered to the public, participating in auctions held by other government units, or the use <br />of other public auction houses. This method may be used for any type of surplus <br />property, regardless of estimated value. <br />• Negotiated sale. This method may be used only for surplus property that has an <br />estimated value of $25,000 or less. <br />• Transfer to another government entity. This method may be used for any type of <br />surplus property, regardless of estimated value. By state law, it may be <br />transferred for nominal or no consideration if approved by the city council. <br />• Donation to a nonprofit organization. This method may be used for eligible <br />surplus equipment, in accordance with Council Policy. It also may be used for <br />other surplus property that is estimated to have little or no value. (See Section <br />Below) <br />2. On-line Auctions or Sales – Various public auction and sales services are available on the <br />internet providing the opportunity of reaching a large number of bidders. <br />3. Trade-in – When replacing City equipment, a trade-in offer may be requested from the <br />vendors submitting quotes/bids on the new equipment. A trade-in may be utilized when the <br />trade-in value is determined to be advantageous to the purchase price or a better value than <br />other types of disposal. This method may be used for any type of surplus property, regardless <br />of estimated value. <br />4. Quotations or Bids – The City may request quotations or bids on used City equipment. This <br />method will be used when an individual sale of specific equipment is determined to be <br />advantageous to the sale price. This method may be used for any type of surplus property,