(a) Each proposal shall be accompanied by a certified check on a solvent bank located in Ohio, made payable only to the Municipality, with no restrictions thereon, in an amount not less than ten percent of the total amount of the proposal, or, in lieu of such a check, a bid bond, in favor of the Municipality, in an amount not less than ten percent of the total amount of the proposal. Provided, however, that in the event monies from the State of Ohio are appropriated pursuant to Chapter 164, Ohio Revised Code, to be used toward the satisfaction of the Municipality's payment obligations under a public improvement contract, each proposal shall be accompanied by a bid guaranty and contract bond furnished in accordance with the provisions of Section 153.54, Ohio Revised Code.
(b) All sureties issuing bid bonds shall be duly authorized and qualified to do business in the state and must, upon request of the Law Director, furnish a certificate of authority and compliance from the office of the State Superintendent of Insurance. The certified check or bid bond shall be furnished as surety that, if the proposal is accepted, a contract will be entered into and the performance of such contract properly secured within ten days from the date of notice to the bidder of the award of the contract.
(Ord. 05-109. Passed 4-21-05.)
(Ord. 05-109. Passed 4-21-05.)