(70 ILCS 5/16.1) (from Ch. 15 1/2, par. 68.16a)
Sec. 16.1.
Sale or disposition of surplus property, etc.
An airport authority shall have the power to sell, transfer or otherwise
dispose of real property which is no longer needed by, appropriate to,
required for the use of, or profitable to the authority, or the continued
ownership of which is not in the best interest of the authority. The Board
of Commissioners of the authority shall provide therefor by appropriate
ordinance or resolution, designating the person authorized to make the
sale, transfer, or to otherwise dispose of the property. In every case
where such property is to be sold, the Board shall estimate the value
thereof. If such estimated value exceeds $1000, the Board shall cause a
notice of its intention to sell and inviting offers to purchase such
property, which shall be described therein, to be published in a paper of
general circulation in the authority, and if the Board shall so elect, it
may otherwise and further advertise the sale of such property. At least one
publication of such notice shall be made 10 days prior to the consideration
of any offer to purchase such property. Any such sale may be on the basis
of written sealed bids or by negotiation. The authority may reserve
easements, rights in land, and the right of repurchase, or attach other
conditions, including those relating to the use of the property in the
conveyance, transfer or other instrument of disposition of such property.
An airport authority shall have the power to sell, assign, transfer or
convey any item of personal property in such manner as its Board of
Commissioners may specify, with or without advertising the sale, and may
authorize any officer or employee of the authority to convert an item of
personal property into some other form by using the material in the
personal property, and may authorize any officer or employee to convey or
turn in any specific article of personal property on any new purchase of a
similar article. No article shall be turned in as a part of the purchase
price of a similar article, except upon the receipt of competitive bids and
in such manner as may be provided for by ordinance, which shall be placed
on file for public inspection for at least one week prior to the receipt of
such competitive bids. The receipt of competitive bids in any such
transaction shall not preclude negotiation by the Board of Commissioners
with any bidder with respect to the precise terms of the transaction and
the cash sum to be paid by the authority.
Any deed, grant, conveyance, bill of sale or other instrument, if made
by the authority of the Board of Commissioners of an airport authority and
which is without fraud or collusion, shall be obligatory upon the airport
authority.
(Source: Laws 1957, p. 1028.)
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