96.020 Deposit to accompany bid -- Bidder to give bond. - Kentucky Statutes

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96.020 Deposit to accompany bid -- Bidder to give bond. (1) Each person desiring to bid for the franchise offered for sale under KRS 96.010 shall first deposit, with the proper officer of the city, cash or a certified check equal
to five percent (5%) of the fair estimated cost of the plant required to render the
service. The deposit shall be forfeited to the city in case the bid is accepted and the
bidder fails, for thirty (30) days after the confirmation of the sale, to pay the price
bid and to give a sufficient bond in a sum equal to one-fourth (1/4) of the fair
estimated cost of the plant to be erected. The bond shall be conditioned to be
enforceable in case the person giving it fails, within a reasonable time, to establish a
suitable plant for rendering the service and begin rendering the service in the
manner set forth in the terms of the sale. (2) This section shall not apply to a person already owning, in a city other than a city of the first class, a plant and equipment sufficient to render the service required under
the franchise. Effective: October 1, 1942
History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 2741m-2, 3037d-4.