711.23  BID BOND.
   (a)   Each applicant for a franchise hereunder shall submit a bid bond in a form acceptable to the Mayor or his appointee or a certified check on a bank that is a member of the Federal Deposit Insurance Corporation, payable to the order of the City in an amount of ten thousand dollars ($10,000).
   (b)   Should the applicant fail or refuse to accept a franchise hereunder or fail or refuse to furnish the performance bond as set forth in Section 711.09(f), within thirty days after written notification of the award of a franchise by the City, such applicant shall be considered to have abandoned the proposal and the City shall enforce the bid bond in accordance with its terms or retain the proceeds of the certified check.
   (c)   Bid bonds or certified checks received in lieu thereof from applicants whose proposals are not accepted by the City shall be returned to the applicant as soon as the proposal is rejected.
   (d)   The bid bond or certified check of the applicant that receives the franchise, shall be returned to the applicant upon the posting of the performance bond.
(Ord. 29-1972.  Passed 3-5-73.)