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January 18, 2011 (Regular Meeting) Page 276 <br />shall be reported to the Board of Commissioners at their work session meeting <br />on Monday, March 7, 2011. <br />4. The Board of Commissioners will determine the highest responsible <br />bidder for the Property and will award the bid by its regular meeting on March <br />21, 2011. Bids will remain open and subject to acceptance until the Board of <br />Commissioners awards the bid. <br />5. To be responsible a bid must be accompanied by a bid deposit of <br />five percent (5 %) of the amount of the bid. A bid deposit may take the form of <br />cash, a cashier's check, a certified check, or a surety bond. The deposit of <br />the bidder to whom the award is made will be held until sale of the Property is <br />closed; if that bidder refuses at any time to close the sale, the deposit will <br />be forfeited to the County. The deposits of other bidders will be returned at <br />the time the Board of Commissioners awards the Property to the highest <br />responsible bidder. <br />6. In addition, to be responsible, a bidder must be current on payment <br />of all property taxes owed to the County. <br />7. The County reserves the right to withdraw the Property from sale at <br />any time and the right to reject all bids. <br />8. The Property will be sold "as is, where is" <br />Adopted: January 18, 2011. <br />ATTEST: <br />CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />/s/ G. Kay Honeycutt BY: /s/ H. Jay White, Sr. <br />G. Kay Honeycutt, Clerk to the Board H. Jay White, Sr., Chair <br />This section intentionally left blank. <br />