Opening of bids -- Amount to equal or exceed appraised value and amount of outstanding indebtedness.
Checkout our iOS App for a better way to browser and research.
(1)
(a) is for an amount equal to or exceeding the appraised value of the property to be sold, as determined under Subsection 10-7-15(1); or
(b) in the judgment of the municipal legislative body, is an adequate price for the property; and
(2) equals or exceeds the total principal and interest on any outstanding bonds and other indebtedness issued for the purpose of constructing the works or plant.