Bid sale

Section 610 Section 610.540  Bid sale a)         If the estimated salvage value, as determined by the Department, of the abandoned production equipment is greater than $2500 per individual item of production equipment, the Department shall sell such equipment by means of a bid sale. b)         Vendors currently on the Department's prequalified bid list shall receive a copy of the IFB.  The Department shall also notify the public by posting a notice in the State newspaper as provided in the Department of Central Management Services Standard Procurement Rules (44 Ill. Adm. Code 1). Any vendor, whether or not on the bid list, may, upon specific request by the vendor, receive a copy of a particular IFB. c)         The IFB shall contain the location and description of the individual well site production equipment and, if applicable, a minimum acceptable bid amount. d)         Bids shall be evaluated on the basis of the highest amount bid on the equipment. e)         After determining the best bid the Department shall negotiate a sale agreement with the vendor making such bid.  Where the Department is unable to satisfactorily negotiate a sale agreement with the vendor offering the best bid, the Department may attempt to negotiate a sale agreement with the vendor offering the next best bid. f)         Payment shall be made by cashier's check or money order payable to the Plugging and Restoration Fund.