Whenever the Purchasing Agent receives, from any bidder, purchaser or person negotiating for the purchase of property, a deposit upon the purchase price thereof, the payment of which is conditional upon a final determination of the purchase price or any other contingency, such deposit shall upon its receipt, be placed in the Salvage Trust Fund. When the purchase price has been finally determined, the negotiation of the sale completed, or any other contingency resolved so as to complete the terms of the sale, the Purchasing Agent shall cause the amount of the deposit to be transferred to the proper account of the Department which had control of the property; provided, however, that when the sales price is less than the amount deposited, the balance shall be refunded to the depositor, and the Purchasing Agent shall draw the necessary demand on the Salvage Trust Fund for the amount to be so refunded.
SECTION HISTORY
Based on Ord. No. 52,230, Sec. 16.
Amended by: Ord. No. 85,313.