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152 Local Government Property Transactions in Pdorth Carolina <br />Once the governing board has acted and the offeror's deposit has been <br />received, the local government publishes notice of the upset sale. The stat- <br />ute requires that the notice <br />describe the property, <br />set out the amount and terms of the offer, and <br />specify the requirements for submission of an upset bid. <br />It is useful to also include in the notice the name of the person (or office) <br />to whom upset bids should be submitted. In addition, the other details of <br />sale established in the board's resolution should be summarized, or the <br />notice should refer to the resolution and state where it can be examined. <br />Appendix A, in Section IV -B, includes an example of this notice. <br />The statute requires that an upset bid be received within ten days from <br />the date the notice is published. Recalling the rule discussed in Section <br />604 -G, in counting the ten clays the day of publication should not be <br />counted. Thus if the notice is published on the fourteenth of the month, the <br />first day is the fifteenth, and the tenth day is the twenty - fourth of the <br />month; any upset bid, that is, must be received by the end of business on <br />the twenty- fourth. (The notice is most useful if it states the final (late by <br />Which bids must be received rather than simply stating that bids must be <br />received within ten days from publication.) To qualify as an upset bid, the <br />bid must raise the original (or current) offer by an amount at least 10 per- <br />cent of the first $1,000 of that offer and 5 percent of the remainder. Two <br />examples illustrate these rules: <br />1. Original offer: <br />$ 900 <br />M172117711772 upset bid <br />Original offer <br />900 <br />+ 10% of first $1,000 <br />90 <br />+ 5% of remainder <br />0 <br />$ 990 <br />2. Original offer $ 9,000 <br />Millin71117? upset bid <br />Original offer 9,000 <br />+ 10% of first $1,000 100 <br />+ 5 %n of remainder ($8,000) 400 <br />$ 9,500 <br />When a bid has been successfully raised —that is, upset —the new bid <br />becomes the current offer, and the local government conducts another up- <br />set sale, on the same terms and under the same procedures as the first sale. <br />Attachment number 6 <br />E -1 Page 66 <br />