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August 21, 2006 (Regular Meeting) Page 64 Resolution 2006-25 STATE OF NORTH CAROLINA RESOLUTION CABARRUS COUNTY WHEREAS, Cabarrus County owns certain property, 1989 Caterpillar 627-E Scraper; and WHEREAS, North Carolina General Statute 160A-269 permits the County to sell property by upset bid, after receipt of an offer for the property; and WHEREAS, the County has received an described above, in the amount of $60,500, Machinery Company; and offer to purchase the property submitted by Linder Industrial WHEREAS, Linder Industrial Machinery Company has paid the required five per cent (5%) deposit on its offer; NOW THEREFORE BE IT RESOLVED, by the Board of Commissioners of Cabarrus County as follows: 1. The Cabarrus County Board of Commissioners authorizes sale of the property described above through the upset bid procedure of North Carolina General Statute 160A-269. 2. The Purchasing Agent shall cause a notice of the proposed sale to be published. The notice shall describe the property and the amount of the offer, and shall state the terms under which the offer may be upset. 3. Persons wishing to upset the offer that has been received shall submit a sealed bid with their offer to the office of the Purchasing Agent within 10 days after the notice of sale is published. At the conclusion of the 10-day period, the Purchasing Agent shall open the bids, if any, and the highest such bid will become the new offer. If there is more than one bid in the highest amount, the first such bid received will become the new offer. 4. If a qualifying higher bid is received, the Purchasing Agent shall cause a new notice of upset bid to be published, and shall continue to do so until a 10-day period has passed without any qualifying upset bid having been received. At that time, the amount of the final high bid shall be reported to the Board of Commissioners. 5. A qualifying higher bid is one that raises the existing offer by not less than ten percent (10%) of the first $1,000.00 of that offer and five percent (5%) of the remainder of that offer. 6. A qualifying higher bid must also be accompanied by a deposit in the amount of five percent (5%) of the bid; the deposit may be made in cash, cashier's check, or certified check. The County will return the deposit on any bid not accepted, and will return the deposit on an offer subject to upset if a qualifying higher bid is received. The County will return the deposit of the final high bidder at closing. 7. The terms of the final sale are that The Board of Commissioners must approve the final high offer before the sale is closed, which it will do within 30 days after the final upset bid period has passed, and The buyer must pay with cash at the time of closing. 8. The County reserves the right to withdraw the property from sale at any time before the final high bid is accepted and the right to reject at any time all bids. 9. If no qualifying upset bid is received after the initial public notice, the offer set forth above is hereby accepted. The appropriate County officials are authorized to execute the instruments necessary to convey the property to Linder Industrial Machinery Company. Adopted this 21st day of August 2006. /s/ Robert W. Carruth Robert Carruth, Chairman Cabarrus County Commissioners ATTESTED BY: /s/ Frankie F. Bonds Frankie F. Bonds, Clerk to the Board