189.01 Deposit required with bid.
189.02 Disposition of deposit.
189.03 Duty of the Director of Finance as to notice.
CROSS REFERENCES
Negotiable bonds - see CHTR. § 54A
Proposed bond issue; duty of Finance Director - see CHTR. § 121
Waiver by bidder on bond issues - see CHTR. § 123
Assessment bonds - see CHTR. § 214
Uniform Bond Law - see Ohio R.C. Ch. 133
Whenever the Director of Finance is by ordinance authorized to prepare and issue bonds of the City, it shall be the duty of the Director to require with each bid an amount of money or a bank cashier's or official's or certified check, or any combination thereof, on some responsible bank equal to at least one percent (1 %) of the face value of the bonds so bid for, as a guarantee of good faith, and that the bid so made, if successful, will be fulfilled in accordance with the terms of the bid, and the requirements of the law and ordinance, and no bid shall be received by the Director if not accompanied by money or checks as provided herein. A bank cashier's or official's check shall not be one issued by and such certified check shall not be one certified by the bidder.
(Ord. 125-89. Passed 2-14-89.)
When the bids have been examined and the award made to the highest and best, according to law, all moneys or checks, deposited as guarantees aforesaid, shall be returned to the depositor or held by the Director of Finance subject to their call, except that of the successful bidder, which shall be held unused and may be considered and accepted by the Director as part payment of the bonds so awarded. But should there be any repudiation of the contract or agreement or refusal to accept and pay for the bonds so sold in accordance with the notice of the sale and the ordinance authorizing the same, then, and in that case, the deposit shall be forfeited to the City, and shall become the property of the City, in compensation for loss and expenses attending the sale of such bonds and as liquidated damages for such repudiation of bid.
(Ord. 126-89. Passed 2-14-89.)
It shall be the duty of the Director of Finance to add to the notice published by him offering bonds for sale, and asking for proposals in accordance with the statutes, the requirements of this chapter or the substance thereof, to the end bidders may have due notice and be governed accordingly.
(Ord. 127-89. Passed 2-14-89.)