§ 65-18 Closing Requirements and Procedures.
RCNY § 65-18
(a)Deposit. Immediately after the close of bids, the highest Bidder must provide a deposit to the auctioneer covering a percentage of the high bid as set in advance by the Chairperson. The deposit must be in the form of a certified check, a money order, or such other form as set in advance by the Chairperson and published in the City Record.
(b)Other Payments Due. In addition to the amount bid, the highest Bidder will be responsible on the transfer closing date for any sales tax, Medallion transfer tax, or other applicable taxes or fees.
(c)Stay of Closing. The outcome of an auction remains conditional pending the resolution of any challenge to the Commission's legal authority to issue and auction the Medallion.
