1998 - 03-16-98 Regular Meeting - Laserfiche WebLink

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® 0 0i8 9ON 1 C - purposes specified and there will no refund of said sum to the offeror regardless of the outcome of the sale in this procedure. 5. The offeror shall deposit with the Lee County Finance Officer a sum equal to five percent of her offer. The failure to make such deposit within thirteen (13) days following mailing of notice of such requirement by the Clerk to the Board will negate any further proceedings under this resolution. If made, the deposit will be retained until either an upset bid (with appropriate deposit) is made, the offer is accepted and the sale is executed, or the offer is rejected. If the offeror fails to complete the sale within thirteen (13) days following notice of acceptance of the offer by the Clerk to the Board, the deposit shall be forfeited and become the property of Lee County and the City of Sanford. 6. After the qualifying deposits have been made, the Clerk to the Board shall cause a notice of such offer to be published in accordance with the requirements of N.C. Gen. Stat. 160A-269. 7. Within ten (10) days following the publication of the notice of such offer, any person may upset the bid by a sealed written offer to purchase the property at a sum which is greater than the original offer by ten percent (10%) of the first One Thousand Dollars ($1,000) and five percent (5%) of the remainder, accompanied by a deposit of five percent (5%) of the increased bid and the sum of Seventy Dollars ($70.00) to defray advertising and administrative services, said sums to be paid either in cash, certified check, cashier's check or bank money order. This increased or upset bid should be delivered to the County Finance Officer at her office in the Lee County Government Center on or before 5:00 p.m. on the 10th day following publication of said notice. Use of the mail or any other means of delivery is at the bidder's risk and any bids received after the deadline will not be considered. At 5:00 p.m. on said date, the Finance Officer shall open and read all qualifying bids. Bids with conditions or terms not contained in the original offer will not be accepted or considered. The highest qualifying bid becomes the new offer under consideration. In the case of identical high bids, the one submitted earliest will be accepted as the high bid. 8. The Clerk to the Board is directed, should a qualifying upset bid as herembefore described, be received within the time allowed by law, to re-advertise the offer at the increased bid amount as often as is necessary until a final qualifying bid which has not been upset is received. 9. The Clerk to the Board shall report the final qualifying bid to the Board of Commissioners at the first regular meeting of the Board which meets more than five days after the bid acquires such status. 10. The Clerk to the Board shall report the final qualifying bid to the City Council of the City of Sanford at the first regular meeting of the City Council which meets more than five days after the bid acquires such status.