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financial interest in any City contract except as otherwise <br /> permitted by State law. <br /> Section 12 .05 Official Bonds . The Clerk-Administrator, the <br /> City Treasurer and other City officers required by ordinance must <br /> be bonded. The Council will set the amount, form (including <br /> individual or blanket) , and other terms of the bond and have the <br /> bonds approved by the City attorney. The City will pay the bond <br /> premiums and keep the bonds on file. <br /> Section 12 . 06 Sales of Real Property. The City may only <br /> dispose of real property by ordinance. The City must use, as far <br /> as possible, the proceeds of any sale of such property to retire <br /> any outstanding indebtedness incurred by the City in the purchase, <br /> construction, or improvement of this or other property used for the <br /> same public purpose. If there is not such outstanding <br /> indebtedness, the Council may by resolution designate some other <br /> public use for the proceeds . <br /> Sectionr12 . 07 Vacation of Public Property. After a public <br /> hearing, the Councilmay by ordinance vacate any street or alley or <br /> other public grounds or part thereof within the City. The Council <br /> may prescribe by ordinance further terms and procedures for such <br /> vacation. The City must file a notice of completion ofsuch <br /> procedure in accordance with law. <br /> (94-2)39 <br />