Section 18A:64-78 - Sale of surplus personal propertyAny college may, by resolution of its board of trustees, authorize the sale in the following manner of its personal property not needed for college purposes:
a. If the estimated fair value of the property to be sold exceeds $100,000 or, commencing January 1,2005, the amount determined pursuant to subsection b. of section 3 of P.L. 1986, c.43 (C.18A:64-54), in any one sale and the property does not consist of perishable goods, it shall be sold at public sale to the highest bidder.b. Notice of the date, time and place of the public sale, together with a description of the items to be sold and the conditions of sale, shall be published once in a legal newspaper. Sales shall be held not less than seven nor more than 14 days after the publication of the notice thereof.c. Personal property may be sold to the United States, the State of New Jersey, another college or to any body politic by private sale without advertising for bids.d. If no bids are received, the property may then be sold at private sale without further publication or notice thereof but in no event at less than the estimated fair value; or the State college may, if it so elects, reoffer the property at public sale. As used herein, "estimated fair value" means the market value of the property if sold by a willing seller to a willing buyer less the cost to the college of continuing to store or maintain the property.e. A State college may reject all bids if it determines a rejection to be in the public interest. In any case in which the college has rejected all bids, it may readvertise the personal property for a subsequent public sale. If it elects to reject all bids at a second public sale pursuant to this section, it may then sell the personal property without further publication or notice thereof at private sale, but in no event shall the negotiated price at the private sale be less than the amount of the highest bid rejected at the preceding two public sales, nor shall the terms or conditions of sale be changed or amended.f. If the estimated fair value of the property to be sold does not exceed $100,000 or, commencing January 1, 2005, the amount determined pursuant to subsection b. of section 3 of P.L. 1986, c.43 (C.18A:64-54), in any one sale or the property consists of perishable goods, it may be sold at private sale without advertising for bids.Amended by L. 2005, c. 369, s. 15, eff. 3/13/2006.L.1986, c.43, s.27; amended c. 292, s. 4.