§ 8-59. Deposit.

No ordinance directing the sale of City-owned real estate to a purchaser pursuant to any offer, bid or proposal under this article shall be adopted unless and until the purchaser has furnished the Chief Administrative Officer with a deposit in the form of a certified or cashier's check in an amount equal to ten percent of the proposed purchase price or $100.00, whichever is greater, at the time such offer, bid or proposal is made. The proceeds of the certified or cashier's check shall be applied to the purchase price of the City-owned real estate if the Council accepts the offer, bid or proposal. The City may retain the proceeds of the check if the offer, bid or proposal is withdrawn before the evaluation of bids or proposals or the final action of the Council on the ordinance to direct the sale of the real estate to the purchaser. However, the City shall not forfeit or waive any other remedies or rights the City may have otherwise by retaining the proceeds of the check. At the time the Council either accepts an offer, bid or proposal or rejects all offers, bids or proposals, the check submitted by each unsuccessful offeror, bidder or proposer shall be returned to that offeror, bidder or proposer.

(Code 2004, § 26-80; Ord. No. 2005-282-270, § 2, 12-12-2005)

(Code 2004, § 26-80; Ord. No. 2005-282-270, § 2, 12-12-2005)