In addition to a resolution declaring the plane surplus and advertising the sale under one of these methods, the District must also establish and set a minimum price for the plane. This is price/fair market value is generally obtained through obtaining an appraisal.

The Attorney General has made it clear that a public entity may not accept an amount lower than the fair market value of it surplus property. If the District fails to obtain a bid for the established minimum price, it should seek another appraisal which would consider the bids obtained, and re-advertise the sale at the new appraised price.

For additional information on the disposal of surplus moveable property, please see the Surplus Movable Property FAQ which can be found on the Legal Assistance & FAQs Overview page of the LLA Website.