18.70.040 Method of payment.
This section is included in your selections.
A. Except as provided in KIBC 18.70.020, the apparent high bidder shall deposit not less than:
1. Ten percent of the purchase price for contracts valued $10,000 or less; or
2. The equivalent value of three months’ harvest, as prorated over a logging season, for contracts exceeding $10,000.
B. Additional payments for the timber cut and removed from the sale area shall be stipulated in the timber sale contract.
C. A minimum balance equivalent to two months’ harvest, prorated over a logging season, shall be retained on deposit by the borough for the life of the timber sale contract. This balance may be applied to the final stumpage payments due but may not be applied to payments accruing earlier for timber harvested. [Ord. 78-7-O §2, 1978].