§ 65-04 General Provisions.
RCNY § 65-04
(a)Sale by Sealed Bid. The public sale of newly issued Taxicab Medallions will be done by Sealed Bid.
(b)Classification of Medallions. Each Medallion will belong to only one of the following classifications and will permanently remain in that classification regardless of change in ownership of the Medallion after issuance: (1) Independent Medallion (2) Minifleet Medallion (3) Accessible Independent Medallion (4) Accessible Minifleet Medallion (5) Alternative Fuel Independent Medallion (6) Alternative Fuel Minifleet Medallion.
(c)Sale in Lots. New Medallions will be sold in Lots.
(d)Ratios of Medallion Classifications. The ratio of Minifleet Medallions to Independent Medallions (whether Restricted or Unrestricted) will be maintained in accordance with § 19-504(i) of the Administrative Code.
(e)Separate Public Sales. Separate sales may be conducted for each of Independent Medallions, Minifleet Medallions, Accessible Independent Medallions, Accessible Minifleet Medallions, Alternative Fuel Independent Medallions, and Alternative Fuel Minifleet Medallions.
