Personal property, other than surplus stock, that is valued at five thousand dollars ($5,000) or less may be disposed of upon such notice and terms considered reasonable by the city manager, including Internet sales, taking into consideration the value of the article, the reason for the disposal and the general preference of disposal by competitive bid. The city manager shall report all disposals of personal property valued at five thousand dollars ($5,000) or less to the city council. [Ord. 11-03 § 2; Ord. 95-28 § 3; Ord. 95-20 § 3.]