The following definitions apply to this subchapter:
(1) "Bidder" means an individual or business entity.
(2) "Competitive bid form" means an electronic form provided by the department and submitted by a bidder, to enter a competitive bidding process.
(3) "Competitive bidding" means a process to select a bidder to submit an application for licensure.
(4) "Irrevocable letter of credit (ILOC)" means a letter of credit between a financial institution and a bidder, in accordance with Title 30, chapter 5, MCA, in which the issuing financial institution guarantees:
(a) the bidder's payment of a stated bid amount;
(b) the ILOC will be irrevocable for a minimum of one year from the date of the competitive bidding closing if the bidder's bid is the highest bid submitted for the available license;
(c) the department is named as beneficiary of the ILOC; and
(d) the financial institution will not modify the ILOC without the department's consent if the bidder's bid is the highest bid submitted for the available license.
(5) "Minimum bid amount" means the lowest acceptable bid amount. The minimum bid amount shall be set by the department at 75 percent of the market value of licenses of the same type and privileges that have sold within the quota area or similar quota area.
(6) "Pivotal straight line" means a line that is created from the center point of two overlapping incorporated cities' or incorporated towns' boundaries and extends outward in a manner that separates the two quota areas as close to equidistant as possible.
History: 16-1-303, 16-4-105, 16-4-201, 16-4-204, 16-4-420, MCA; IMP, 16-4-105, 16-4-201, 16-4-204, 16-4-420, 16-4-430, MCA; NEW, 2018 MAR p. 1613, Eff. 8/11/18; AMD, 2019 MAR p. 2385, Eff. 12/28/19.