§ 3.88.070 — Bid security and other protections

3.88.070 Bid security and other protections.

A. The city council may require a bid security of all bidders in form and amount which it deems adequate to insure that the successful bidder will pay for the property. B. Except for any bidder to whom award is made and who fails to purchase the property, the bid security of each successful bidder shall be returned to such bidder, and the bid security of the successful bidder shall be applied to the purchase price or returned to such bidder after payment of such price as such bidder shall elect. C. No bid security shall be returned to a successful bidder who fails to pay for the property as provided in Section 3.88.060 of this chapter. D. The city council may require such other controls and protections as may be deemed proper in order to facilitate the sale of property under this chapter. (Ord. 2000-017 § 2(k)(vii) (Exh. H); Ord. 2000-013 § 1; prior code § 12.07.116)