South Carolina Statutes
§ 11-35-1575 — Participation in auction or sale of supplies from bankruptcy.
A governmental body having knowledge of either an auction or a sale of supplies from a bankruptcy may elect to participate. The governmental body shall (a) survey the needed items being offered to ascertain their condition and usefulness, (b) determine a fair market value for new like items through informal quotes, (c) determine the fair market value from similar items considering age and useful life, and (d) estimated repair cost and delivery cost, if any, of the desired items. Using this information, the governmental body shall determine the maximum price that it can pay for each item desired. At the auction or sale, the governmental body shall not exceed the maximum price so determined.
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South Carolina § 11-35-1575 (Participation in auction or sale of supplies from bankruptcy.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1997 Act No. 153, SECTION 1; 2006 Act No. 376, SECTION 31.
Nearby Sections
15
§ 11-35-10
Citation.§ 11-35-1010
Relationship with using agencies.§ 11-35-1020
Advisory groups.§ 11-35-1030
Procurement training and certification.§ 11-35-1210
Certification.§ 11-35-1230
Auditing and fiscal reporting.§ 11-35-1240
Administrative penalties.§ 11-35-1250
Authority to contract for auditing services.§ 11-35-1260
Authority to contract for legal services.§ 11-35-1410
Definitions of terms used in this article.§ 11-35-1510
Methods of source selection.§ 11-35-1520
Competitive sealed bidding.§ 11-35-1524
Resident vendor preference.§ 11-35-1525
Competitive fixed price bidding.