(a) A municipality may:

(1) Sell, convey, lease, rent, let, or dispose of any real estate or personal property owned or controlled by the municipality, including real estate or personal property that is held by the municipality for public or governmental purposes;

(2) Buy any real estate or personal property; and

(3)

(A) Donate real estate or personal property, or any part of the real estate or personal property, to the United States Government or any agency of the United States Government, for any one (1) or more of the following purposes, that is, having the real estate or personal property, or both, activated, reactivated, improved, or enlarged by the donee.

(B) The municipality may donate the fee simple title and absolute interest, without any reservations or restrictions, in and to all real estate or personal property, or both, or any part of the real estate or personal property, to the United States Government, if this real estate or personal property was previously conveyed or otherwise transferred by the United States Government to the municipality without cost to the municipality.

(C) All other donation instruments shall contain provisions by which the title to the property donated shall revert to the municipality when the donated property is no longer used by the donee for the purposes for which it was donated.

(b) The execution of all contracts and conveyances and lease contracts shall be performed by the mayor and city clerk or recorder, when authorized by a resolution in writing and approved by a majority vote of the governing body of the municipality present and participating.

(c) The mayor or his or her authorized representative may sell or exchange any municipal real estate or personal property with a value of twenty thousand dollars ($20,000) or less, unless the governing body of the municipality shall by ordinance establish a lesser amount.

(d) Municipal real estate or personal property to be disposed of as one (1) unit shall not be sold without competitive bidding if the amount exceeds twenty thousand dollars ($20,000) or the maximum provided by resolution, unless the mayor certifies in writing to the governing body of the municipality that in his or her opinion the fair market value of the item or lot is less than the amount established by ordinance.

(e) (1) If personal property of the municipality becomes obsolete or is no longer used by a municipality, the personal property may be:

(A) Sold at public or internet auction;

(B) Sent to the Marketing and Redistribution Section of the Office of State Procurement of the Department of Finance and Administration;

(C) Transferred to another governmental entity within the state; or

(D) Donated under this section.

(2) If an item of personal property is not disposed of under subdivision (e)(1) of this section, the item may be disposed of in the landfill used by the municipality if the mayor or his or her authorized representative certifies in writing and the governing body of the municipality approves that:

(A) The item has been rendered worthless by damage or prolonged use; or

(B) The item has:

(i) Only residual value; and

(ii) Been through public auction and not sold.

(f)

(1) A record shall be maintained of all items of personal property disposed of under this section and reported to the governing body of the municipality.

(2) The municipal fixed asset listing shall be amended to reflect all disposal of real estate and personal property made under this section.