The Township Clerk is hereby authorized to advertise for the sale of 25 taxi owner's licenses in accordance with the provisions of N.J.S.A. 48:16-2.3. Such licenses shall be offered for sale at public auction, after advertising therefor in the Home News Tribune, or any other designated official newspaper of the Township of North Brunswick, as follows:
A.
The minimum bid price shall be $5,000, 10% of which shall be paid to the Township Clerk at the conclusion of the bidding as a nonrefundable bid deposit. The balance shall be paid to the Township Clerk within 72 hours of the later of:
B.
The award of licenses shall be conditioned upon the successful bidder or bidders reimbursing the Township for any and all costs incurred by the Township for the Township's compliance with the public notice requirements of N.J.S.A. 48:16-2.1.
C.
The Township reserves the right to reject all bids where the highest bid is not accepted.
D.
No license may be transferred within two years after issuance unless such transfer is approved on the basis of death, disability, serious illness or severe financial hardship as authorized by resolution of the Township Council after a public hearing.
E.
All bidders must comply with the application process set forth in § 311-9, Application process, herein, in addition to complying with the insurance requirements set forth in § 311-11, Insurance requirements, herein. If such requirements are not met within 15 days of the award of bid, the award shall be deemed null and void.