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NCCCS EQUIPMENT MANUAL

2.

Disposal in the Same Manner as Public Schools

General Statute 115D-15 permits colleges to sell equipment in the same manner as is provided to public schools. The public school law (G.S. 115C-518) permits schools to sell equipment in the same manner as is provided to cities and towns (Article 12 of G.S. 160A). Please note that when Article 12 of G.S. 160A refers to a city council or city official, you should substitute your board of trustees or college official. Portions of Article 12 of G.S. 160A, as of this printing, are briefly summarized in 2 A, B, C, D and E. If you elect to use one of these methods, you should refer to the full and latest version of Article 12 of G.S. 160A and not rely on this summary. (See the “For Your Information” section for a web page for the N. C. General Statutes.)

  • A.

    Public or Private Exchanges and Sales G.S. 160A-266(c) – Colleges may adopt regulations to dispose of personal property valued at less that $5000 through public or private exchanges and sales. This method is designed to secure fair market value for property and to accomplish the disposal efficiently and economically. Colleges should authorize one or more officials to declare surplus any personal property valued at less than $5000 for any one item or group of items, to set its fair market value, and to convey title in accord with these regulations.

  • B.

    Private sale G.S. 160A-267 - Colleges may dispose of property valued at less than $30,000 through a private sale. If a college feels strongly enough that this is the best way to dispose of property, it shall at a regular board meeting adopt a resolution or order authorizing the college president or chief fiscal officer to dispose of the property by private sale at a negotiated price. The resolution or order shall identify the property to be sold and may, but need not, require a minimum price. A notice summarizing the contents of the resolution or order shall be published once after its adoption, and no sale shall be consummated thereunder until 10 days after its publication.

  • C.

    Advertisement for sealed bids G.S. 160A-268 The sale of property by advertisement for sealed bids shall be done in the manner prescribed by law for the purchase of property. Procedures for purchase of property are contained in G.S. 143-52.

  • D.

    Negotiated offer, advertisement, and upset bids G.S. 160A-269 – This is a complicated process that permits a college to receive, solicit, or negotiate an offer to purchase property. Once an offer is received, the college will then advertise the offer in the hope of receiving upset bids. This process requires a deposit of 5% of the bid, stipulates minimum amounts that an offer must be raised, and can go on indefinitely.

  • E.

    Public auction G.S. 160A-270 - When it is proposed to sell personal property at public auction, the local board of trustees at a regular board meeting shall adopt a resolution or order authorizing the college to dispose of the property at public auction. The resolution or order shall identify the property to be sold and set out the date, time, place, and terms of the sale. The resolution or order shall be published at least once and not less than 10 days before the date of the auction.

38

Oct.2001

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