BidSC Guidelines
(Amended 07/31/2003)

BidSC is an innovative and efficient means of investing in certificates of deposit. The program is designed to provide eligible South Carolina financial institutions with the opportunity to interactively compete for State of South Carolina investment dollars every quarter.

Bids will be accepted online at www.BidSC.com every January, April, July and October for funding at the end of that month. The auctions will begin at 10:00 a.m. and end at 10:30 a.m. The State Treasurer will make available $75 million for six (6) month certificates of deposit each quarter.

Registration and Entry to Auction

  • Bidders must register with BidSC. To register, bidders should go to the BidSC website. Upon registering, bidders will receive a BidSC password and will be responsible for protecting the confidentiality of the password.

  • Registered bidders must request and receive admission to an auction to submit bids. The State Treasurer reserves the right to deny access to any BidSC auction to any bidder, at any time and for any reason whatsoever, in its sole discretion.
Bid Requirements
  • The minimum bid is $100,000.00. Bids may increase in increments of $100,000.00 to a maximum of $5,000,000.00 per institution- including all branch offices, per auction.

  • The minimum rate will be determined by the Treasurer's Office and will be displayed on the auction page prior to the auction. Bids below the minimum rate will not be accepted.

  • Multiple bids from the same bidder are permissible. Each bidder may make up to five bids, the total of which may not exceed $5,000,000.00 per auction. There is no limit as to the number of times a bid may be updated/changed.

  • Settlement date is the last business day of the month in which the auction occurs and will be displayed on the auction page.

  • Maturity date will be displayed on the auction page.

  • Certificates of deposit in excess of insurance coverage by the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA) must be collateralized pursuant to South Carolina Code of Laws of 1976, as amended, Section 11-13-60. Credit Union deposits in excess of insurance coverage by NCUA must be collateralized in the same manner as required by Section 11-30-60. Collateral must be pledged in an amount not less than 102% (115% for mortgage-backed securities) for deposits in excess of the federal insurance coverage. Collateral must be delivered to a third party institution prior to the State wiring funds on settlement date.

  • A Collateral Agreement must be signed by each financial institution and its depository and forwarded to the State Treasurer's Office. In the case of a depository that is a Federal Reserve Bank or Federal Home Loan Bank, the Collateral Agreement must only be signed by the financial institution, then forwarded to the State Treasurer's Office. A copy of the Collateral Agreement signed by the State Treasurer will be forwarded to the financial institution. Only those securities listed in the Collateral Agreement shall be pledged. A collateral substitution form must be provided to the State Treasurer's Office for approval with each request for substitution of collateral. For a copy of the form of Collateral Agreement, please click the link titled "Collateral Agreement" at the bottom of these Guidelines. Please contact the Office of State Treasurer at 803-734-2643 for any issues regarding collateral.

  • Winning bidders will be assessed a fee equal to .0225% of the principal amount of the certificates of deposit awarded. Such fee will be payable to Grant Street Group by ACH debit on the settlement date of the auction. Completion of the ACH Debit Authorization on the Confirmation Page represents winning bidders authorization for Grant Street Group to debit their account. Failure to make timely payments of the Grant Street Group fee will result in exclusion from subsequent auctions.

  • If qualified bids submitted in the same auction by the same or different bidders result in a tie, the first bid submitted prevails. Any change to a bid constitutes a new bid.

  • Winning bidders must confirm their award per the instructions on the Confirmation Page immediately after the auction ends.
Certificate of Deposit Requirements
  • Interest on the certificate of deposit will be calculated on a daily rate basis of 1/365 pursuant to Regulation DD of the Board of Governors of the Federal Reserve System.

  • Certificates of deposit will be book-entry in the name of State Treasurer of South Carolina. Transactions will be completed by wire transfer. Bidders may contact the State Treasurer's Office at 803-734-2641 for information regarding settlement.
Auction Training
  • Training on how to use the BidSC website can be obtained by calling the Office of State Treasurer at 803-734-2641. There is no charge for the training.
Additional Conditions
  • The State Treasurer reserves the right to reject any BidSC bid for any reason at his discretion. The State Treasurer also reserves the right to award a portion of a bank's bid subject to the minimum and multiple amounts described above.

  • Each bidder must acknowledge that he or she has read amendments to the Guidelines in each auction and indicate their agreement with the amendment electronically in order to enter the auction.

  • Submitted bids must also be verified. The bidder understands that in verifying the bid, the bidder has made a formal offer.

  • Bids that generate error messages are not accepted until error is corrected and bid is resubmitted. Error messages will indicate the reason for the error such as in the instance in which the bidder has entered a bid that is lower than the minimum bid requirement.

  • The bidder understands that the submitted bid may initially be a leading bid, but may be replaced by other more competitive bids throughout the auction. Bidders will know immediately if their bid continues to be a winning bid by updating their bids. A bid's status when "in the money" may change at any given time due to new bids by other bidders. It is the responsibility of the bidder to update his or her bid status. There is no limit to the number of times a bid may be updated.

  • A bidder submitting a winning bid is irrevocably obligated to provide the certificate of deposit at the specified rate, amount and maturity, if acceptable to the State Treasurer, as herein set forth. The bidder understands that an award has not been made until posted on the Results Page on the BidSC site. Discrepancies should be reported to the Investment Division of the Office of State Treasurer at 803-734-2641 within 15 minutes of the posting of the Results Page.

  • In the event of a website failure, the auction will be attempted at the top of every hour the day of the scheduled auction between the hours of 10:00 a.m. and 4:00 p.m. In the event that the auction is not completed on the scheduled day, the next attempt will be 10:00 a.m. the next business day. The State Treasurer will inform registered bidders of a change in the bidding format via phone, fax, or e-mail.
Disclaimer
  • The Grant Street Group software, supplied by Grant Street Group, used in connection with this website serves only as a medium through which the BidSC auctions are conducted. Grant Street Group is not liable or responsible for the terms, rates, collateral or any other condition by which financial institutions are awarded quarterly deposits. Grant Street Group is not responsible for any defect or inaccuracy in the Guidelines as they appear on the BidSC website.

  • Neither the State Treasurer nor Grant Street Group is responsible for technical difficulties that result in the loss of bidders' Internet connection with BidSC, slowness in transmission of bids or other technical problems. Neither the State Treasurer nor Grant Street Group is responsible for individual computer failures. In the event of a computer failure, bidders may contact the State Treasurer's Office at 803-734-2641 for possible alternate bidding options.

  • This website is provided "as is" without warranty whatsoever. Grant Street Group hereby disclaims any and all warranties, including without limitation any implied warranties of merchantability and/or fitness for a particular purpose.

  • In no event will Grant Street Group be liable for indirect, special, incidental, economic, cover, consequential, tort or other damages (including without limitation damages or costs relating to the loss of profits, business, goodwill, data or computer programs, even if advised of the possibility of such damages), without regard to the legal theory of such damages, arising out of the use of or inability to use this website.
Acceptance of Guidelines
  • Bidder accepts and agrees to abide by all terms and conditions specified in the Guidelines.


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