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.
S.C. Code Ann. § 11-35-1575
Participation in auction or sale of supplies from bankruptcy
Known as the South Carolina Consolidated Procurement Code
The act spans §§ 11–11 (143 sections).
1997 Act No. 153, SECTION 1; 2006 Act No. 376, SECTION 31.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.