(A) On all contracts and purchases, not including professional services, wherein competitive bidding procedures are utilized, if security deposits are required of the bidders, a security deposit, in a form and substance acceptable to the city, of 10% of the actual bid shall be required.
(B) The 10% security deposit designated in division (A) herein shall be in the form of a bank cashier's check, certified check or bank draft payable to the city; provided, however, that if state law allows the bidder or vendor to submit a bid bond or letter of credit for the 10% security deposit in lieu of a cashier's or certified check, then a bid bond with surety or letter of credit may be furnished to the city by the bidder or vendor. The bid bond or security deposit shall be returned to any unsuccessful bidder when a contract has been awarded and signed or all bids have been rejected.
(Ord. 97-31, passed 10-14-97; Am. Ord. 03-08, passed 6-24-03; Am. Ord. 05-40, passed 1-24-06)