Before any sale of abandoned real estate is made by a city of the second class or village, the city council or village board of trustees shall by ordinance set forth the date of the purchase, gift, or condemnation, a description of the property, the purpose for which such real estate was acquired, the abandonment of the same, and that a sale is deemed expedient; shall fix the time, place, terms, and manner of sale; and shall reserve the right to reject any and all bids.
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