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

184 words·~1 min read·/ky/chapter-96/96-020

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(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.