All bids submitted to the City for consideration shall be accompanied by a cashier's check, bank money order or certified check drawn on any solvent bank in the amount of five percent of the bid price or, at the option of the bidder, a bid bond in like amount may be given with surety from a company authorized to write surety bonds in this State, and which is on the United States Treasury Department list of sureties. A bid bond shall be accompanied by a power of attorney executed by a proper official of such surety company indicating that the person subscribing such bond on behalf of such surety company is an attorney-in-fact for such surety company.
Bid checks or bond or performance bonds are not required in the case of purchase of electricity, fuel, gas and oil and related oil products, police vehicles and passenger vehicles.
(Ord. 87-93. Passed 12-21-87.)