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.)