915.1 – Disposal of Personal Property
Whenever any furnishings, equipment, or supplies have been declared obsolete, the Board of Directors shall sell or dispose of such furnishings, equipment, or supplies at the best price possible in accordance with law. If the personal property has a value of not more than $5,000, the Board shall determine the procedures for the sale or other disposition of the property. Notice of a sale of personal property shall be published in the newspaper at least once for two consecutive weeks while notice of any other disposition of personal property (non-sale) shall be published in the newspaper at least once. If the property has a value of more than $5,000, the Board shall pass a resolution outlining the sale and setting a public hearing on the sale. The public hearing shall be held after publication of the notice for the hearing as required by law. The Secretary of the Board shall credit such receipts from the sale of personal property to the fund which was used to account for the acquisition of the property. If the fund for acquisition is unknown or the fund no longer exists then the proceeds from any sale of the personal property shall be placed in the general fund.
Date of Revision: March 23, 2015
Legal References: 278.1, 297.22 Code of Iowa