Current through Register Vol. XLI, No. 50, December 13, 2024
Section 112-6-3 - Procedures for Bidding3.1. Eligibility for Bidding - Financial institutions designated as depositories prior to award are eligible to bid for a disbursement account.3.2. Notice to Bidders - The Treasurer shall send invitations to bid to every depository in this state at least thirty (30) days prior to the date on which bids for a disbursement account are due.3.3. Purchasing Documents - The Treasurer shall make the purchasing documents available on the Treasurer's website and shall mail the purchasing documents to any person or entity that cannot obtain them from the website.3.4. Submission of Bids - Financial Institutions shall submit bids in the format and in the time frame required by the Treasurer, as specified in the purchasing documents. The Treasurer shall record the receipt of each bid received to ensure timely receipt prior to the bid deadline.3.5. Bid Opening - On the date and time set for the bid opening, the Treasurer shall publicly open and read aloud the names of the bidders. The Treasurer shall promptly analyze the bids and make awards as provided in Section 4 of this rule.3.6. Conditions of Bidding - All bids are subject to the following conditions:3.6.1. Bids received after the date and time stated in the purchasing documents are disqualified;3.6.2. Bids require the signature of an authorized officer of the financial institution. For purposes of this section, an authorized officer is the president or a vice-president;3.6.3. To withdraw a bid, an authorized officer of the bidder shall submit a written request prior to the bid opening;3.6.4. The Treasurer may reject any and all bids if the Treasurer considers rejection in the best interests of the State; and3.6.5. The bid shall comply with all requirements of the purchasing documents.