The office of the Director of Finance in the City Hall shall be the place of sale of all bonds; delivery shall be made at the office or at such bank as may be agreed upon by the Director and the purchaser. All proposals for bonds shall be sealed, received up to 12:00 noon, City time, of the day the sale is to take place and shall be opened immediately thereafter in the office. Every bidder shall file with his or her bid cash, a bank cashier’s check or official’s check, or a certified check, or any combination thereof, in an amount not less than one percent (1%) of the bonds bid for and payable to the order of the Treasurer of the City of Cleveland. Such bank cashier’s or official’s check shall not be issued by and such certified check shall not be one certified by the bidder. Such cash, bank cashier’s or official’s check, or certified check of the successful bidder shall be retained unused pending delivery of the bonds to such bidder and, in the event such bidder does not comply with the terms of the notice of sale and his or her bid, shall be forfeited to the City as full liquidated damages. Bids may be made separately for each issue or for “all or none.” However, split rate bids will not be considered on any single issue but different interest rates may be bid for different issues. The right of the City to reject any or all bids shall be specifically reserved and shall be exercised by the Director.
(Ord. No. 1748-80. Passed 10-8-80, eff. 10-8-80)