§ 65-05 Commission Procedures for Holding a Sealed Bid Sale.
RCNY § 65-05
(a)Notice of the Sale. Sealed bid sales and any postponements of these sales will be publicized as required below.
(1)Publication of Sealed Bid Sale. The Chairperson will publicize each sealed bid sale by placing an announcement in the City Record for five consecutive days, beginning at least thirty days prior to the deadline for bidding. The announcement will include the following: (i) The date and time on which bids are due; (ii) The number of Medallions to be sold; (iii) Whether those Medallions will be sold as Independent Medallions, Minifleet Medallions, Accessible Independent Medallions, Accessible Minifleet Medallions, Alternative Fuel Independent Medallions, or Alternative Fuel Minifleet Medallions; (iv) The numbers of Minifleet and Independent Medallions to be sold; (v) The percentage of highest non-winning bids that will determine the Reserve Status class for each type of Medallion to be sold; and (vi) Other terms of sale.
(2)Publication of Postponements. The Chairperson has the ability to postpone the public sale. The Chairperson will place an announcement of the postponement in the City Record for five consecutive days, beginning at least ten days prior to the new deadline for bidding.
(3)Additional Notices. The Chairperson can place additional notices in the City Record or other publications.
(b)Pricing.
(4)Any bid received that is less than that minimum will be rejected as non-responsive.
(c)Bid Opening.
(5)Winning bids will be published in the City Record and posted at the Commission's office and on the Commission's website.
(d)Reserve Status Bids.
(6)A winning Bidder for any Lot that fails to comply with the Closing Deadline requirements will be disqualified from Reserve Status.
(e)Assignment of the Winning Bid.
