BidAllegheny Guidelines
(Amended 03/08/2010)

BidAllegheny is a "first of its kind" investment initiative in the Commonwealth of Pennsylvania. The program is designed to provide banking institutions with offices located in the southwestern region of the Commonwealth of Pennsylvania the opportunity to interactively compete for investment dollars every month.

Bids will be accepted on-line at the third Wednesday of each month for funding the next business day. The auction will begin at 10:00 a.m. and end at 10:30 a.m. The Allegheny County Treasurer will make available up to $20 million for the purchase of certificates of deposit.

Registration and Entry to Auction:

  • Bidders must register with BidAllegheny. To register, bidders should go to the BidAllegheny web site. Upon registering, bidders will receive a BidAllegheny 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 Allegheny County Treasurer reserves the right to deny access to any BidAllegheny auction to any bidder, at any time and for any reason whatsoever, in its sole and absolute discretion.
Bid Requirements:
  • The minimum bid is $100,000.00. Bids may increase in increments of $100,000.00 to a maximum of $4,000,000.00 per bank, per auction -- including all branch offices.

  • The minimum rate will be displayed on the auction home page prior to the auction. Bids below the minimum rate will not be accepted.

  • Multiple bids from same bidder are permissible. If qualified bids submitted in the same auction by the same or different bidder result in a tie, the first bid submitted prevails. Any change to a bid constitutes a new bid. There is no limit as to the number of times a bid may be updated/changed.

  • Settlement date is the next business day following the auction and will be displayed on the Auction Page.

  • Maturity date will be displayed on the Auction Page.

  • Certificates of Deposit must be collateralized pursuant to 72 P.S., Sections 3836-1 through 3836-8 (PA Act 72). Participating banks must have sufficient collateral in place prior to Allegheny County wiring funds on settlement date. Failure to maintain sufficient collateral will be cause to prevent a bank’s admission to subsequent auctions.

  • Winning bidders will be assessed an annualized fee equal to .04% of the principal amount of the certificate of deposit awarded. Such fee will be payable to Grant Street Group by ACH debit two days following the auction. Completion of the ACH debit authorization on the Confirmation Page represents winning bidders authorization for Grant Street Group to debit the account. Failure to make timely payments will result in exclusion from subsequent auctions.

  • 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 360-day basis using the actual number of days as follows:
    Principal amount times the rate, divided by 360 days, multiplied by the actual number of days.

  • Certificates of deposit will be book entry in the name of Allegheny County, Treasurer of Allegheny County.

  • Wire transfers will complete transactions.
Auction Training:
  • Training on how to use the BidAllegheny website can be obtained by calling the Office of the Treasurer of Allegheny County at 412-350-4622. There is no charge for the training.
Additional Conditions:
  • The Allegheny County Treasurer reserves the right to reject any BidAllegheny bid for any reason at his discretion. The Allegheny County 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 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 an offer.

  • Bids that generate error messages are not accepted until the error is corrected and the 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 date, if acceptable to the Allegheny County Treasurer, as herein set forth. The bidder understands that an award has not been made until posted and confirmed on the Results Page per the instructions on BidAllegheny. Discrepancies must be reported to the Investment Department of the Allegheny County Treasurer’s Office at 412-350- 4622 within 15 minutes of the posting of the Results Page.

  • In the event of a web site failure the auction will be attempted at the top of every hour the day of the scheduled auction between the hours of 10 a.m. and 3 p.m. In the event that the auction is not completed on the scheduled day, the next attempt will be 10 a.m. the next business day and, if necessary, at the top of every hour thereafter, as stated above. The Treasurer of Allegheny County will inform registered bidders of a change in the bidding format via phone, fax or e-mail.
  • The Grant Street Group software, supplied by Grant Street Group, used in conjunction with the web site serves only as a medium through which the BidAllegheny auctions are conducted. Grant Street Group is not liable or responsible for the terms, rates, collateral, or any other condition by which banks are awarded monthly deposits. Grant Street Group is not responsible for any defect or inaccuracy in the Guidelines as they appear on the BidAllegheny web site.

  • Allegheny County, the Treasurer of Allegheny County and Grant Street Group are not responsible for technical difficulties that result in loss of bidders’ Internet connection with BidAllegheny, slowness in transmission of bids or other technical problems. Allegheny County, the Treasurer of Allegheny County and Grant Street Group are not responsible for individual computer failures.

  • This web site is provided "as is" without any 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 web site.

  • No elected official, director, manager, officer, agent or employee of Allegheny County shall be charged personally or held liable by or to the bidder under any term or provision in the Guidelines as they appear on the BidAllegheny website.
Acceptance of Guidelines:
  • Bidder accepts and agrees to abide by all terms and conditions specified in the Guidelines.

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