What must be included in the resolution for a public auction of municipal property?

In a resolution for a public auction of municipal property, it is essential to include the terms and provisions for the sale. This inclusion is crucial because the terms outline the conditions under which the property will be sold, including payment methods, any contingencies involved, and the responsibilities of both the seller and the buyer. Ensuring that the terms and provisions are explicitly stated helps prevent any misunderstandings or disputes during and after the auction process, creating a clear framework for the transaction.

While the other aspects listed, such as the specific date of the auction, the name of the winning bidder, and the estimated value of the property, are certainly important in the overall context of a public auction, they do not hold the same weight in the resolution itself. The auction date is necessary for planning and notification purposes, the winning bidder’s name is only relevant after the auction is complete, and an estimated value serves as a guideline but is not as critical as the definitive terms that govern the sale. Hence, the terms and provisions take precedence in the resolution to ensure a smooth and legally safe transaction.