5-18C-3. Public sale or auction--Performance bond--Competitive quotations--Records to be retained.
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/sd/title-5/chapter-5-18/5-18c-3A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The governing board of a unit of local government shall be exempted from the provisions of this chapter and chapters 5-18A , 5-18B , and 5-18D if it is able to purchase supplies at a substantial savings at a public sale or auction. Any performance bond required by § 5-21-1 may be waived on items purchased for less than ten thousand dollars at a public sale or auction. The governing board shall contact and attempt to obtain competitive quotations from at least three suppliers of identical or similar supplies.
The board may authorize an agent to attend a sale or auction and expend an amount not in excess of eighty percent of the average of the quotations received. A record of the names of the suppliers, the quotations received, and the procurement procedures used in purchasing shall be documented, noted in the minutes, and retained on file by the governing board.