Personal property of a drainage district may be sold by its board of commissioners whenever the board finds and by resolution declares that the district no longer has use therefor. 1. If, in the opinion of the board, such property does not exceed $500 in value, it may sell the same without independent appraisal, notice or competitive bids. 2. Personal property exceeding $500 in value shall first be appraised by three (3) disinterested freeholders of the district, who shall be selected by the board. It may then be sold at public or private sale to the highest bidder for cash at not less than its appraised value, after due notice. 3. Notice of sale shall describe the property, the appraised value thereof (by separate items, if so appraised), and the time, place and condition of sale. 4. If the appraised value does not exceed $1000, notice of sale shall be posted in three (3) public places in said district to be determined in the resolution of said board of commissioners (one of which shall be at the office or meeting place of said board) at least ten (10) days before the date of sale. 5. If the appraised value of the property exceeds $1000, notice shall be posted as set forth in subdivision 4 above and in addition shall be published in a weekly newspaper, published or having a general circulation in the district, once each week during the four (4) weeks preceding the date of sale.
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