(70 ILCS 1005/7.3) (from Ch. 111 1/2, par. 80.3)
Sec. 7.3.
Ordinance directing sale-Publication-Bids-Deed of Conveyance.
An ordinance directing a sale of real estate shall specify the location
of the real estate, the use thereof, and such conditions with respect to
further use of the real estate as the board of trustees may deem necessary
and desirable to the public interest. Before the board of trustees makes a
sale, by virtue of such an ordinance, notice of the proposal to sell shall
be published once each week for three successive weeks in a daily or weekly
paper published in any county in which the mosquito abatement district is
located. The first publication shall be not less than 30 days before the
day provided in the notice for the opening of bids for the real estate. The
notice shall contain an accurate description of the property, state the
purpose for which it is used, the consideration which is acceptable for the
sale, and the date of the regular or special meeting the bids will be
considered and opened, and shall advertise for bids therefor. The board of
trustees may accept the highest responsible bid by a vote of three-fourths
of the members of the board of trustees then holding office, or by such
majority vote of those holding office, they may reject any and all bids. If
consideration other than money is offered for the sale of such real estate,
the monetary value of that consideration must be determined by an
appropriate, independent appraiser, and the appraisal must accompany the
bid. Before accepting a bid of consideration other than money, the board of
trustees must obtain a second, independent appraisal of such consideration
in order to verify the appraisal which accompanied the bid.
If a bid is accepted by the board of trustees and the ordinance has been
adopted and the consideration paid or secured, the chairman of the board of
trustees shall convey the real estate and transfer it by proper deed of
conveyance, stating therein the consideration therefor.
(Source: P.A. 76-619.)
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