For any purchase or contract the city deems advisable, each bidder or proposer shall submit with the bid or proposal, as security, cash, a cashier's check, surety bond, or certified check in favor of and payable to the city, in an amount determined to be sufficient, but not to exceed 10% of the aggregate amount of the bid or proposal. If the person to whom the contract is awarded fails to enter into the contract and file the required bonds within 20 calendar days of contract award, the security is forfeited and the city manager shall draw the money due on the security and pay it, or any cash deposited, into the city treasury. The security shall not be returned to the defaulting bidder or proposer in such case unless the city council approves the return thereof in whole or in part. Upon good cause being shown, the city manager may extend the time to enter into the contract for a period not to exceed 30 calendar days. (Ord. 2024-0010 § 4)