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.)