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A. All applications for purchase or lease of city lands shall be filed with the city on appropriate forms. Each application for lease or sale shall be accompanied by a $10.00 filing fee. Filing fees are not refundable. The filing of an application for purchase shall not in any way vest any right in the applicant to the land or to the use of the land applied for.

B. Public auctions shall be held by the mayor or his or her representative. At the completion of the auction of each tract of land, the mayor or his or her representative shall indicate the apparent high bidder.

C. The apparent high bidder shall concurrently deposit with the city not less than 10 percent of the high bid, or in case of a lease offering, an amount equal to the annual rent. Lands to be purchased for a principal sum of $500.00 or less will not be sold on contract but will be paid for in full.

D. Upon deposit of the required sum by the apparent high bidder, the mayor or his or her representative shall immediately issue a receipt containing a description of the land or interest therein sold, the price bid and the terms of the sale, which receipt shall be acknowledged in writing by the bidder. Upon completion of the final payment on the contract of purchase, the city will issue to the vendee a quitclaim deed. A contract of sale or lease in a form approved by the city shall be signed by the purchaser or lessee.

E. The council shall ratify the sale or lease, or it may reject any and all bids in the best interest of the city. Upon ratification, the contract of sale or lease shall be signed by the mayor and clerk on behalf of the city. (Prior code § 7.16.080)