AmerenCILCO, AmerenCIPs, and AmerenIP have launched an auction as a new way to buy power.http://www.citizensutilityboard.org/pdfs/ReverseAuction/AmerensAuctionAtAGlance.pdf. It has led to average electric-bill increases of 40 percent to 55 percent (although customers have reported increases of up to 300 percent). It also opens the door for unlimited future rate hikes and allows parent company Ameren Corp. to make windfall profi ts. Here’s how it works, and why it’s a bad deal for consumers. The auction: An independent “auction manager” announces a starting price and then electricity suppliers bid how much power they can provide at that price. The highest bidders drop out, as the manager lowers the price until there is just enough pow-er to fi ll the utilities’ needs. The fi nal “clearing price” is passed directly to customers. Red Flag: The fi nal “clearing price” is artifi cially high. That’s because the highest bidders—those that use a larger portion of high-priced natural gas to generate power—give the auction price a false fl oor. Residential customers will pay that high “clearing price.” Corp. stands to domi-nate the auction be-cause it owns many of the generating plants in central and south-ern Illinois. It will make windfall profi ts because it can pro-duce power at a sig-nifi cantly lower cost than the fi nal auction clearing price, which is artifi cially high. Its profi ts grew steadily under the electric rate freeze, and its auction system opens the door for unlimited rate hikes. Red Flag: Although it’s only allowed to sell 35 percent of its power in the auction, Ameren Corp. can sell to other auction bidders, at a markup.
The Auction Rate Securities market has expanded significantly in the public finance sector since 2001.http://www.treasurer.ca.gov/cdiac/issuebriefs/aug04.pdf. Nationwide, issuance of auction rate securities, including the public finance area, grew from $100 billion in the first quarter of 2002 to $200 billion by the end of the fourth quarter of 2003. Public finance has become the fastest-growing sector to use auction rate securities, with total issuance projected to grow at double-digit rates in the future (see Figure 1). The use of auction rate financing is becoming more attractive for many reasons, especially in comparison to variable rate demand obligations (VRDO). Auction Rate Securities have no “put” or tender feature, no letter-of-credit requirement, and no need for an annual short term bond rating, all of which increase the cost of issuance and maintenance of VRDO. Auction Rate Securities (ARS) are long term, variable rate bonds tied to short term interest rates. ARS have a long term nominal maturity with interest rates reset through a modified Dutch auction, at predetermined short term intervals, usually 7, 28, or 35 days. Interest is paid at the current period based on the interest rate determined in the prior auction period. ARS also require an “auction agent” to receive bids from the broker/dealers, determine the winning bid and reset rate, and act as liaison between the issuer, brokers, trustees, and security depositors. ARS carry the typical up front fees associated with a traditional fixed rate bond issuance along with ongoing annual fees; industry standard is $5/bond for initial placement fee plus annual fees of 25 basis points for broker/dealer fees and 1-2
ONE-DAY SPECIAL AUCTION PERMIT Applicant: ___________________________________________________________ Address: ____________________________________________________________ Contact Person: _________________________________________________________ Auction Location: Date of Auction: Hours of Auction: Name of Auctioneer: Description of items to be auctioned: (be specific) Estimated value of items to be auctioned: Copy of Auctioneer’s State License Written Permission from Property Owner (Location of Auction)http://www.franklin.ma.us/town/administration/onedayauctionappl.pdf
The Auction will start receiving consignments on Sunday afternoon, July 22, 2007, at 1:00 pm or as soon thereafter that the room has been properly set up.. Although we do not anticipate running out of table space, auction item entry will be terminated if the allotted space is filled to capacity. The auction will be open for bidding daily beginning Monday from 9:00 am to Noon, 1:00 pm to 5:00 pm and 6:30 pm to 9:00 pm. Auction Item Cards will be available at check-in for items to be auctioned. Do NOT use any previously downloaded materials as you will be required to transfer all the information to a new Auction Item Card. Seller will be responsible to ensure the proper items have been brought, and the Auction staff will assist the seller in ensuring the items are properly tagged/marked. Items sold as a unit will be given one Auction Item Card, and sealed on a cardboard tray with cello-wrap (Saran Wrap). It is suggested that item descriptions be pre-printed on white self-adhesive labels no larger than 1”x4” for attachment to the Auction Item Card in the space provided for the item description. Auction Item Cards will have the seller’s convention registrant number, a unique item number (preprinted), a description of the item(s) and spaces for multiple bids. A numbered claim check (tear off) will be given to each seller by a Silent Auction worker when items have been verified and will be stamped as accepted. Do not remove the claim check from the Auction Item Card until instructed to do so. The convention registrant number will be the auction bidding number for all participants. Bidding will close on Thursday afternoon
Auction Acquisition Form Donor (Name as it should appear in program book): __________________________________________ Contact Name: __________________________________________________________________ Address: ________________________________________________________________________ City, State, Zip: __________________________________________________________________ Telephone no.http://www.karmanos.org/pdf/AuctionAcquisitionForm.pdf.: _______________________________ Fax no.: ____________________________ Description of item(s): Pink Copy: Auction Chair
This advisory provides guidance on disposing of surplus supplies through online auctions while complying with Massachusetts General Law Chapter 30B, the Uniform Procurement Act.http://www.mass.gov/ig/publ/auctiona.pdf. Chapter 30B, §15 requires local governments to use a sealed bid or an auction process for the disposition of tangible supplies with a resale or salvage value of $5,000 or more. The Office of the Inspector General was recently asked if an online auction service, such as eBay, would satisfy the auction requirement of Chapter 30B, §15. It is the opinion of the Inspector General that an online auction service does satisfy the auction requirement of Chapter 30B, §15, when the awarding authority fully complies with all other Chapter 30B, §15 requirements. Chapter 30B, §15 requires that notice of the sale of a surplus supply by auction must comply with the advertising procedures set forth in Chapter 30B, §5(c). When disposing of surplus supplies, local governments must advertise the auction at least once in a newspaper of general circulation, not less than two weeks before the auction date; post a notice of the auction in a conspicuous place, for instance, a bulletin board in your town or city hall or in your government office, for at least two weeks before the auction date; The advertisement and notice must indicate the supply offered for sale, designate the location and method for inspection of such supply, state the terms and conditions of the sale, including the place, date and time for the auction, and state that the governmental body reserves the right to reject any and all bids. The advertisement should reference the auction website, such as
http://www.usdoj.gov/ust/r06/AuctionGuidelines.pdf
An English auction is the format that most of us are familiar with and is an ascending-price auction where all bids are known.http://www.deq.state.va.us/regulations/pdf/auction2003.pdf. The fourth type of auction is the Vickrey auction otherwise known as uniform second-price auction. This is common during an English auction when inexperienced bidders run the price up due to the excitement of the moment or due to the encouragement of the auctioneer. Walter Mead4 has suggested that the English auction or open bid formats are more susceptible to collusion than are sealed-bid auctions. Private value auction items have not common resale value and instead involve assets with differing valuations to the auction participants. Open bidding is a procedure for posting the offers in multiple rounds with cancellation and modification privileges to induce the winner's curse and raise expected auction revenue in common value auctions. What simple auction types raise the greatest revenue for the seller-auctioneer depends upon the common value or private value nature of the item being auctioned and on the auction participants' risk-aversion. In private value auctions, bidders who are risk-averse offer higher bids and therefore generate more auctioneer-seller revenue in Dutch and First-Priced Sealed Bid auctions. In order to minimize the addition of resources to the Department, the administration of the auction would be through a contractor to be financed by the proceeds of the auction. Because the nature of auction design is so very complex, prior to making a final decision, the Department plans to solicit the assistance of experts in the field who understand the complexities of
Auction Contract The 5th Annual American Food Management Classic to benefit St.. Jude Children’s Research Hospital AUCTION CONTRACT Join the fight against childhood cancer September 10, 2007 Ferncroft Country Club Middleton, MA SPONSOR/CONTACT NAME _____________________________________________ COMPANY___________________________________________________________ ADDRESS _________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ PHONE ___________________ E-MAIL ADDRESS __________________________ DESCRIPTION OF ITEM OR SERVICE TO BE DONATED:
ComEd has launched an “auction” system as a new way to buy power.http://www.citizensutilityboard.org/pdfs/ReverseAuction/ExelonComEdsAuctionAtaGlance.pdf. The fi rst auction, completed in September, forced electric bills to go up by an annual average of 26 percent. The auction system also opens the door for unlimited future rate hikes and allows parent company Exelon Corp. to make windfall profi ts. Here’s how it works, and why it’s a bad deal for consumers. The auction: An independent “auction manager” announces a starting price and then electricity suppliers bid how much power they can provide at that price. The highest bidders drop out, as the manager lowers the price until there is just enough pow-er to fi ll the utilities’ needs. The fi nal “clearing price” is passed directly to customers. Red Flag: The fi nal “clearing price” is artifi cially high. That’s because the highest bidders—those that use a larger portion of costly natural gas to generate electricity—give the auction price a false fl oor. Residential customers will pay that high “clearing price.” parent company, Ex-elon, dominates the auction because it owns fi ve of the six nuclear power plants in Illinois and can produce power at a signifi cantly lower cost than the fi nal auction clearing price, which is artifi - cially high. Bidders include Exelon, ComEd’s parent company, as well as power marketers, such as Morgan Stan-ley, the global investment bank-ing fi rm. The most profi table power company in the nation, Ex-elon quadrupled its profi ts, even under an electric rate freeze—and its auction system opens the door for unlimited rate hikes. Red Flag: Although it’s only allowed to sell 35 percent of its power in the auction, ComEd’s parent company, Exelon,
PROCEDURE: The property will be offered in 12 individual tracts or in combinations.http://www.schraderwestchester.com/auction/documents/AUCTIONTERMS.pdf. The property will be sold in the manner resulting in the highest total sale price. DOWN PAYMENT: A 10% down payment of the contract purchase price will be due immediately after being declared the buyer and payable with execution of an Agreement to Purchase. ACCEPTANCE OF BID PRICES: All successful bidders will sign a purchase agreement at the auction site immediately following the close of bidding. BUYER BROKER PARTICIPATION: A commission will be paid to any properly licensed Buyer Broker who registers a successful buyer according to the Broker Participation Guidelines provided and controlled by Westchester Auctions, LLC. Broker Registration Forms are available from the Auction Information Office. Forms must be completed and returned no later than 48 hours prior to the auction. CLOSING: Closing shall occur within approximately 30 days after auction day and in accordance with the specific terms of the Agreement to Purchase. SURVEY: AT THE SELLER S OPTION, the seller shall provide a new survey where there is no existing legal t description or where new boundaries are created by the tract divisions for the Auction. representation, either express or implied, concerning the property is made by the seller or the auction company. No liability for its accuracy, errors or omissions is assumed by the seller or the auction company. Conduct at the auction and increments of bidding are at the direction and discretion of the auctioneer. The seller and Auction Company reserve the right to preclude any person from bidding if there is any question as
Help pick up bid sheets at close of Silent auction _______ We are so happy that you have shown interest in helping with the 2007 Free To Live Auction.http://www.freetoliveok.com/events/Auction/Auction_volunteer_packet_2007.pdf. This year’s auction is scheduled for Sunday, October 21st and is our largest fundraiser for the year. It takes a lot of preparation to make our annual auction successful, and we need all the help we can get from our volunteers. The first Auction Volunteer Meeting will be Thursday, June 7th. The auction begins at 3:00p.m. Clean up after the auction ends is quick and easy. To assist you with soliciting for auction items is a letter that can be given to business owners, as well as a detailed account of the responsibilities and purpose of Free To Live. Also, included are helpful “Hints & Tips for Soliciting Auction Items”. Thank you for your interest and participation in the 2007 Free To Live Auction! Please let this letter introduce a member of our Free To Live Auction 2007 Committee. Committee members are now busy soliciting gifts from generous business people and individuals for this year’s auction. This year’s auction will be on Sunday, October 21, 2007, at the Clarion Meridian Convention Center in Oklahoma City. Last year’s auction raised over $50,000 to help all the beautiful animals at Free To Live. We hope you will participate with either a cash donation or an item to be auctioned. Items donated will be identified at the auction with the donor’s name.
Registering and Buying Real Estate at Auction: When you arrive at the auction site, register for your bidder number and read the terms and conditions printed on your registration and on brochures or handouts.http://www.prucar.com/information/auction/buyer.pdf. Ask questions if you’re unsure of a policy, we are there to help. Inspect the property where want before the auction starts. The auction property will be made available for preview and inspections prior to the date of the auction. Bidding: In order to bid at an auction, you need to make contact with the auctioneer or the ring person. A ringperson is someone who takes bids from the audience and then passes those on to the auctioneer. Some bidders prefer this method of bidding, in that they can maintain anonymity The auctioneer or your ringperson will make eye contact with you, take your bid and immediately turn and seek another bid. You can remove yourself from the process at any time by shaking auctioneer or ringperson misinterpret any of your signals, simply report the mistake right away. It’s so easy and fun! Myth #2) Auctions are only for foreclosure or distressed properties. Myth #3) You have to be an “experienced” auction buyer.ontact your realtor for Not really, c assistance.
The parties wish to set o ut the terms and conditions pursuant to which the Auction Participant will participate in the Auctions, and on which NEMMCO will grant to the Auction Participant, and the Auction Participant will acquire, any Units allocated to the Auction Participant pursuant to the Auctions.http://www.nemmco.com.au/settlements/550-0357.pdf. The following definitions apply unless the context requires otherwise: Auction has the meaning given to it in the Auction Rules. Confirmation means a confirmation sent to the Auction Participant by NEMMCO under clause 10.1 of the Auction Rules. acknowledges that NEMMCO will conduct the Auctions in accordance with the Auction Rules; and agrees that it will participate in the Auctions in accordance with the Auction Rules, and on the terms and conditions set out in this Agreement. The Auction Participant must comply with any condition or restriction in respect of the Auction Participant’s participation in the Auctions that is imposed on the Auction Participant pursuant to the Rules. Austraclear account notified to NEMMCO by the Auction Participant; and payments by the Auction Participant must be made by authorising the transfer of funds in dollars to the NEMMCO Clearing Account. The Auction Participant acknowledges, in respect of this Agreement and each SRDA, that neither NEMMCO nor any person acting on behalf of or associated with NEMMCO makes any representation, gives any advice or gives any warranty or undertaking of any kind in respect of, this Agreement, a SRDA, the Units or the Auctions or otherwise in relation to or information to assist it in making decisions regarding bidding for Units in the Auctions; the Disclosed
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